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 company's value 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 the investment data platform Stocklytics reveals Microsoft’s stock price fell from $443.52 (£343.44) at the previous close to $440.37 (£341) at 10:09 AM today, July 19, reported London Loves Business.
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 in its share price, approximately $3.33 billion (£2.58 billion) is wiped off its company value.
A spokesperson for Stocklytics told London Loves Business, “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 flights 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.”