Chinese telecom giant Huawei will shift its strategy from pursuing growth to ensuring profit and cash flow, according to an internal article written by the firm’s founder Ren Zhengfei on Monday. Ren said that the firm should prioritize survival and scale back unprofitable businesses. According to the article, Huawei will also “give up” on markets in countries that are less profitable and reallocate resources to more promising markets. Earlier this month, Huawei reported its first quarterly revenue growth since the fourth quarter of 2020, recording a 1.43% year-on-year growth to RMB 170.6 billion ($25.3 billion) in revenue in the second quarter of 2022, while its net profit was RMB 9.48 billion, a 34.65% decline. [Yicai, in Chinese]