Zuckerberg said earlier this month that the company would cut plans to hire engineers by at least 30% this year, telling employees in a Q&A that "this might be one of the worst downturns that we've seen in recent history," according to a Reuters report. In its earnings report Wednesday, the company said it has "reduced our hiring and overall expense growth plans this year to account for the more challenging operating environment while continuing to direct resources toward our company priorities."

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"Many teams are going to shrink so that we can shift energy to other areas within the company," Zuckerberg said on the conference call.

Zuckerberg said earlier this month that the company would cut plans to hire engineers by at least 30% this year, telling employees in a Q&A that "this might be one of the worst downturns that we've seen in recent history," according to a Reuters report. In its earnings report Wednesday, the company said it has "reduced our hiring and overall expense growth plans this year to account for the more challenging operating environment while continuing to direct resources toward our company priorities."

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"Many teams are going to shrink so that we can shift energy to other areas within the company," Zuckerberg said on the conference call.