Facebook Inc. shares rallied on Friday, with the stock extending a recent advance after Chief Executive Officer, Mark Zuckerberg, downplayed the risk that the social-media company could see as a result of an upcoming change to Apple Inc.’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.”

Bloomberg reported that the stock rose as much as 5.1 per cent and was on track for its biggest one-day percentage gain since November. The stock also touched its highest intraday level since November.

At issue is a code linked to Apple devices known as Identification for Advertisers, which companies like Facebook used to target users and track the performance of ads.

An upcoming update to Apple’s iOS 14 operating system, which would be rolled out in early spring, would require device users to opt into sharing information to developers.

Investors had been concerned that this change would diminish Facebook’s ability to serve ads to this sought-after category of consumers, and the stock had struggled to advance in the wake of this issue.

The stock is about 5 per cent below a record hit on August 26, the same day Facebook published a blog post where it warned about the impact Apple’s changes would have on its targeted advertising business.