Tech stocks: Twitter tanks, off more than 20%

Shares of Twitter sank about 22% in afternoon trading Thursday after revealing quarterly results that showed slow user growth.

Although the social network's fourth-quarter report beat Wall Street forecasts, the rate at which Twitter is adding new users has left investors concerned.

After closing at a 52-week high of $73 the day after Christmas, Twitter stock has experienced a steady decline. Shares are trading at $51.15 as the markets get ready to close.

For the quarter, the company reports an earnings per share of 2 cents on $243 million in revenue. Analysts had predicted a loss for the quarter.

However, the company boasts 241 million monthly active users, which fell below expectations despite representing a 30% jump from the year before.

The company received stock downgrades from UBS and Sterne Agee analyst Arvind Bhatia, who cites "deceleration in user growth" and drops in user engagement.

Also down: Streaming music service Pandora. Its shares are down 11% after its first-quarter guidance fell short of analysts' forecasts. For the fourth quarter, Pandora reported an earnings per share of 11 cents and $200 million in revenue.

Follow Brett Molina on Twitter: @bam923.