CrowdStrike has revised its annual revenue and profit projections downward after experiencing decreased demand for its cybersecurity solutions, attributed to a global outage of Microsoft Windows stemming from a problematic update provided by the company.

This incident last month impacted approximately 8.5 million Microsoft Windows devices, disrupting internet connectivity and causing widespread travel chaos, including mass flight cancellations at airports.

The company now anticipates annual revenue to range between $3.89 billion and $3.90 billion, adjusting its initial forecast of $3.98 billion to $4.01 billion, and lowering the expected figures below the analyst consensus of $3.95 billion. The adjusted profit per share forecast was also diminished, now projected to be between $3.61 and $3.65, down from a prior range of $3.93 to $4.03.

In contrast, competitors SentinelOne and Palo Alto Networks have increased their annual revenue forecasts this month, indicating a potential gain in market share at the expense of CrowdStrike.

Despite the overall downturn, CrowdStrike reported second-quarter revenue growth of about one-third, reaching $963.9 million, surpassing the estimates of $958.6 million. Analyst Shaul Eyal from TD Cowen remarked that the second-quarter results and outlook were “better than feared,” asserting that the situation is not dire. He highlighted that discussions will likely focus on potential rising liabilities due to the outage.

George Kurtz, CrowdStrike’s co-founder and CEO, emphasized the company’s dedication to customer recovery following the July 19 incident, stating, “We emerge as an even more resilient and customer-focused CrowdStrike, continuing to invest heavily in innovation.”

Chief Financial Officer Burt Podbere added, “For the second quarter, we achieved significant growth across revenue, operating profit, and net income, reflecting our targeted execution strategy. Our market opportunity remains unchanged.”

Following the outage, CrowdStrike’s stock experienced a hefty decline of around one-third in value and has not yet fully rebounded. In pre-market trading in New York, shares were down $2.42, or 0.9 percent, pricing at $261.78.