5G security concerns could lead to job cuts at Huawei

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Ren Zhengfei, the CEO of Chinese tech giant Huawei, has warned that some of the company’s staff will be let go amid concerns over the security of its 5G network. In an email received by the Financial Times, Ren said that “in the coming the years, the overall situation will probably not be as bright as imagined, we have to prepare for times of hardship.” The U.S. government has also banned optical component manufacturers including Oclaro (OCLR) and Acacia Communications (ACIA) from selling parts to ZTE Corp (ZTCOY).