A botched software update by CrowdStrike, a cybersecurity firm, on July 19th caused a major IT outage, disrupting businesses worldwide. The snafu hit Microsoft Windows equipment, causing thousands of flight cancellations, delayed hospital operations, and temporary bank closures. Some companies will need weeks to recover, and insurers expect losses in the billions. A cyber-attack also caused an outage for Microsoft’s e-mail service and Minecraft game. Delta Air Lines, an American flyer, reported a $500m loss from these disruptions.
Tech companies’ profits are still booming. Alphabet, the company behind Google, reported $84.7bn in revenue for the latest quarter, a 14% increase from last year. Advertising revenues rose 11%, easing investors’ fear of competition from ChatGPT, the artificially intelligent (AI) chat app. Netflix, a video streaming service, also had a strong quarter with a 48% rise in earnings per share and 8m new subscribers. Microsoft, whose earnings don’t yet show the impa…