Apple Inc AAPL announced Thursday it is delaying the release of a new privacy control feature that social media behemoth Facebook Inc. FB earlier object to, till early next year.
What Happened:The feature was earlier announced at the Annual Developers conference held in June, and it was expected to be incorporated in the latest iOS 14 iPhone operating system.
The privacy prompt will allow users to manage and control behavioral tracking by apps or websites. The users of iPhone devices would be able to grant permissions on an app-to-app basis and may choose to cloak their device from apps that monitor user behavior, according to Apple.
Apple said in the update the delay would give developers the time to make necessary changes to their apps.
Why Does It Matter: Facebook late last month decried the feature, saying the move would deal a blow to advertisers and publishers as they would no longer be able to effectively target users with personalized ads.
The Mark Zuckerberg-led company said third-party publishers’ ability to monetize through its Audience Network on iOS 14 would, in particular, be signficantly impacted.
Price Movement: Apple stock price dropped 8% during the trading hours on Thursday to close at $120.88 per share. Even though the tech titan lost $180 billion due to the falling stock price, the iPhone manufacturer still has a market cap in excess of $2 trillion.the company's shares fell by an additional 3% in the extended trading hours at $117.19.
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