We analyze a MISO downlink channel where a multi-antenna transmitter communicates with a large number of single-antenna receivers. Using linear beamforming or nonlinear precoding techniques, the transmitter can serve multiple users simultaneously during each transmission slot. However, increasing the number of users, i.e., the multiplexing gain, reduces the beamforming gain, which means that the average of the individual data rates decreases and their variance increases. We use stochastic network calculus to analyze the queueing delay that occurs due to the time-varying data rates. Our results show that the optimal number of users, i.e., the optimal trade-off between multiplexing gain and beamforming gain, depends on incoming data traffic and its delay requirements.