(Bloomberg) — Intel Corp. (INTC), which is cutting jobs and costs to preserve its dwindling cash pile, has postponed an innovation event that was scheduled for next month in San Jose, California.
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The chipmaker plans to focus on other gatherings, such as webinars, hackathons and the Intel AI Summit, in place of the innovation conference, the company said Friday in an emailed statement.
The move follows a shaky earnings report last week, when Intel released a disappointing sales forecast and cut its dividend. The company also plans to eliminate 15% of its workers – a sign that CEO Pat Gelsinger’s return is still a long way off.
The annual innovation event was part of Gelsinger’s effort to restore Intel’s technological advantage and influence. It was modeled on a long-running conference called the Intel Developer Forum, which once set the direction of the computer industry.
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