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Intel scraps Innovation Expo as cash-strapped company makes cuts

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Intel Corp., which is cutting jobs and costs to preserve its shrinking cash pile, postponed an Innovation event that had been scheduled for next month in San Jose, California.

Signage outside Intel headquarters in Santa Clara, California, US, on Monday, Jan. 30, 2023. Intel Corp. fell the most since July after giving one of the gloomiest quarterly forecasts in its history. --

The chipmaker plans to focus on other gatherings, such as webinars, hackathons and the Intel AI Summit, in lieu of the Innovation conference, the company said Friday in an emailed statement. The move follows a rocky earnings report last week, when Intel delivered a disappointing sales forecast and cut its dividend. The company also plans to eliminate 15 per cent of its workers — a sign that a comeback under Chief Executive Officer Pat Gelsinger is still far off.

The annual Innovation event was part of a push by Gelsinger to restore Intel’s technological edge and influence. It was modeled on a longtime conference called the Intel Developer Forum that once set the direction for the computer industry.

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