Huawei CEO Ren Zhengfei fired off a companywide email warning that a slowdown in the sale of its 5G gear could lead to job cuts.
The Financial Times newspaper in the U.K. obtained the email in which Ren, who is also the company's founder, cautioned that a slowdown in the company's fortunes could be in the offing due to security concerns by the United States and other countries over using its 5G and telecommunications gear.
"In the coming years, the overall situation will probably not be as bright as imagined, we have to prepare for times of hardship," Ren said, according to The Financial Times. "We also need to give up some mediocre employees and lower labor expenses.".