When Facebook Inc (NASDAQ: FB ) reports its first-quarter results on Wednesday, investors will be concerned about how the notification about Apple’s (NASDAQ: AAPL ) new iPhone privacy policy will affect the market. second quarter.

A full-screen notification will begin appearing in iPhone apps starting Monday asking users if they allow “third-party apps and websites” to cross-log for advertising purposes.

Facebook faces as much as a 7% decline in second-quarter revenue if 80% of its users prevent the company from keeping track of their activities on the iPhone, said mobile ad analyst Eric Seufert. That equates to nearly $2 billion based on Facebook’s fourth-quarter earnings.

Last year, Facebook retaliated against Apple’s plans, running full-page ads in the New York Times and the Wall Street Journal, accusing Apple of harming small businesses that rely on personalized ads and harming the free Internet.

The company has warned investors that a significant number of iPhone users could opt out of record keeping and hurt Facebook’s digital advertising business.

Facebook CEO Mark Zuckerberg has accused Apple of behaving anti-competitively by putting obstacles in the way of other developers to benefit its own app ecosystem.

In March, Zuckerberg said that the social network could benefit from the changes to iOS, because marketers who have difficulty targeting their ads to potential customers could choose the easiest route to offer their products on Facebook, which has 2.8 billion active users. monthly.

Facebook should report new quarterly ad revenue growth on Wednesday. Wall Street is projecting $23.7 billion in revenue for the first quarter, according to IBES data from Refinitiv, up 34% from the year-ago quarter.