Meta platforms (THE TARGET) shares are trading in negative territory Thursday after the parent company of Facebook and Instagram beat third-quarter top and bottom expectations but missed user growth. A sharp increase in the company’s spending outlook is also causing concern for investors.

In the three months ended September 30Meta’s revenue rose 18.9% year-over-year to $40.6 billion, driven in part by a 5% increase in daily active family members (DAPs) to 3.29 billion. Meta also said its earnings per share (EPS) rose 37.4% year-over-year to $6.03.