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Here's his model: https://docs.google.com/spreadsheets/d/14UkIkzBCfcQzYZagC5qo...

It looks like the 7% and 13.6% figures the article quotes are the initial revenue decreases for a single quarter, which the model assumes would recover thereafter. In general, the model is based on some very, um, stylized assumptions. I'm really skeptical that a 12.5% increase in the number of users who block tracking (from 80% to 90%) would result in a 60% increase in the impact of that blocking on revenue.

That said, I don't think the numbers are drastically out of line. Apparently >60% of Facebook's revenue is from iOS, so it wouldn't take that large of a decrease in efficiency for the revenue hit to end up in the 10% ballpark. The main question to me is the extent to which the loss is borne by Facebook or by advertisers. It's possible that advertisers are effectively price-takers and will keep paying basically the same amount despite a decrease in efficiency.



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