Facebook shares bounced Friday after Mark Zuckerberg made light of the danger that the social media monster faces in an impending change to Apple’s privacy policies.
“I’m confident that we’re gonna be able to manage through that situation,” he said in an interview on Josh Constine’s PressClub Clubhouse room. “We’ll be in a good position. I think it’s possible that we may even be in a stronger position.”
The stock rose more 4% to close at $290.11 — its greatest one-day percentage acquire since November. The stock additionally contacted its highest intraday level since November.
The shares, notwithstanding, are still almost 5% under a record shutting cost of $303.91 hit on Aug. 26, that same day Facebook published a blog post where it sounded a caution about the effect that Apple’s progressions would have on its targeted advertising business.
At issue is a code connected to Apple gadgets known as Identification for Advertisers, which organizations like Facebook use to target clients and track the performance of advertisements. A forthcoming update to Apple’s iOS14 operating system, which will hit in early spring, will expect clients to select into sharing that data with developers.
Investors have been vocal about worries that this change will lessen Facebook’s capacity to target ads to these specific sought-after buyers, and the social media monster’s stock has battled thus.
Zuckerberg’s remarks to PressClub Friday made light of the amount of a danger Apple’s change could address to its income.
“Facebook generally overstates the challenges it faces, not understates,” Ryan Jacob, manager of the Jacob Internet Fund told Bloomberg News. “If Facebook is saying this is more of a speed-bump than a hurdle, that would be encouraging.”