Microsoft hit with $23 billion loss as IT outage has a ‘significant impact on companies worldwide’ – London Business News | Londonlovesbusiness.com

The IT giant Microsoft has suffered a worldwide glitch causing its stock price to plummet by 0.71%

Microsoft has seen £18 billion wiped off the value of the company in just hours after the IT system crash which has crippled companies around the world.

The share price of the tech giant has taken a dive by 0.71%, resulting in the company’s value plummeting by approximately £18 billion ($23 billion) from market close yesterday.

Analysis from investment data platform Stocklytics reveals Microsoft’s stock price fell from $443.52 (£343.44) at previous close to $440.37 (£341) at 10.09 today, July 19.

Microsoft ranks as one of the most valuable companies globally behind tech giant Apple, with its market value recorded at $3.27 trillion (£2.53 trillion) prior to the IT outage. For every 0.1% drop its share price experiences, approximately $3.33 billion (£2.58 billion) is wiped off its company value.

A spokesperson for Stocklytics said, “As one of the leading tech giants, an IT outage of this magnitude for Microsoft is going to have a significant impact on companies worldwide.

“Not only have we seen fights grounded, TV channels interrupted and widespread disruption, but the technical glitch has had a direct impact on Microsoft’s market value, with a staggering loss of £18 billion ($23 billion) this morning alone.

“Given the reliance on Microsoft across technical systems globally, the company should recoup the lost value in little time at all. However, the outage serves as a reminder that when things go wrong at major global companies such as Microsoft, the impact on investors can be just as significant.”