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Update 1: Microsoft says a fix has already been published and is rolling out to users worldwide, but it will take time to propagate around the world. Microsoft claims it is working on developing a fix as soon as possible and server-side or standalone patch could be made available via traditional update channels soon. For now, Microsoft is recommending users to use Outlook on the web or mobile clients for Android and iOS. Microsoft believes that a recently deployed update could be the source of this issue. You can also run Outlook in Safe mode by holding Ctrl when you launch the app.
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How to fix Microsoft Outlook error 0xc0000005
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