In what ways can outdated PHP versions affect the performance and functionality of a website?

Outdated PHP versions can affect the performance and functionality of a website by exposing it to security vulnerabilities, causing compatibility issues with newer technologies, and potentially slowing down the website's speed. To solve this issue, it is crucial to update PHP to the latest stable version to ensure optimal performance and security.

// Example code snippet to check PHP version and display a warning message
if (version_compare(PHP_VERSION, '7.0.0') < 0) {
    echo "Warning: Your PHP version is outdated. Please update to the latest version for better performance and security.";
}