U.S. Meta on the New York Stock Exchange was down almost 22% after trading closed on Wednesday, following the release of quarterly earnings with weak growth forecasts and lower net income.

According to the trading platform, one and a half hours after the end of the trading session, the company's quotes on the NASDAQ electronic exchange fell by 22.35%.

Despite a 20% increase in revenue, net income in the fourth quarter of 2021 was down 8% compared to the same period in 2020, when the company still had the Facebook name.

Besides, the company warned investors that Meta's growth in the first quarter will be affected by strong competition for new active users from other social networks. The company forecasts revenue growth in the next quarter will be from 3% to 11%. Meta also expects significantly more spending this year, to $95 billion, from $71.17 billion a year earlier.