NEW YORK (TheStreet) --Shares of Criteo SA (CRTO) are down by 7.31% to $46.97 in late afternoon trading on Thursday, following a report from the Financial Times suggesting Apple (AAPL) is working to allow iPhone users to block online advertising on its Safari web browser.
The move has the potential to hurt digital media companies, including Google (GOOGL), the Financial Times said.
Criteo is a global tech company that specializes in digital performance marketing.
Apple will release iOS 9 this fall and the updated operating system will include "Content Blocking Safari Extensions" which will allow users to block cookies, images, resources, pop-ups and other content, the Financial Times added.
Safari's desktop version has featured ad-blocking for several years but the new tool will allow iPhone users to download an app that would not only block advertising but also tracking technologies.
Ad-blocking on iPhones is cause for concern in the media industry as the demographic attracted to iPhones is considered to be more wealthy and therefore more desirable to advertisers, the Financial Times noted.
Separately, TheStreet Ratings team rates CRITEO SA as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CRITEO SA (CRTO) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."