Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Facebook, Alphabet Slip As Data Says Most Users Opt Out of Tracking

Published 05/10/2021, 11:38 PM
Updated 05/10/2021, 11:38 PM
© Reuters.
By Dhirendra Tripathi 
 
Investing.com – Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOG) shares traded sharply lower Monday after Citi downgraded the stocks and after data showing that as much as 96% of users opted out of app tracking in Apple's new iOS 14.5. 
 
Citi analyst Jason Bazinet downgraded Facebook and Alphabet to neutral from buy as he expects to see a more challenging environment for companies dependent on internet ad growth. Facebook shares fell nearly 4%, while Alphabet, the parent of Google, fell 2.5%.
 
Targets for Facebook and Google (NASDAQ:GOOGL) remain unchanged at $320 and $2,415 per share, respectively.
 
The likes of Facebook agreed to comply with Apple (NASDAQ:AAPL)'s latest policy on privacy and sharing of user data, scared of running foul of the iPhone maker's stringent guidelines. 
 
According to data from Verizon-owned Flurry Analytics, U.S. users agreed to be tracked only 4% of the time under Apple's new operating system, while the global figure is 12%.  

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.