CrowdStrike Shares Drop After Sales Forecast Underwhelms

Shares of CrowdStrike Holdings Inc. fell after the cybersecurity company projected revenue for the current period that trailed estimates, in its first financial update since announcing it would cut about 5% of its global workforce.

Sales for the second quarter will be as much as $1.15 billion, the Austin-based company said in a statement Tuesday, missing the average analyst estimate of $1.16 billion.