Amid layoffs and a CPU bug controversy, Intel Corporation (NASDAQ:INTC), the leading chipmaker, has decided to delay its major "Innovation" event.

What Happened: Intel has postponed its significant gathering, initially slated for Sept. 24-25 in San Jose, California. The company has started informing attendees that the event will now be held in 2025.

Intel attributed the postponement to challenging financial results and the outlook for the second half of 2024. The company expressed its gratitude to its partners, sponsors, exhibitors, developer communities, and team members who had committed to support and participate in the event.

"After careful consideration, we have made the decision to postpone our Intel-hosted event, Intel Innovation in September, until 2025. For the remainder of 2024, we will continue to host smaller, more targeted events, webinars, hackathons, and meetups worldwide through Intel Connection and Intel AI Summit events, as well as have a presence at other industry moments."

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Intel announced last week that it plans to lay off approximately 15,000 employees to control costs, which have risen due to its expansion in chip manufacturing and R&D. The delay of the Innovation event seems to be another step in the company's cost-cutting measures.

The delay could potentially affect Intel's promotional efforts for its upcoming desktop and laptop processors, including Arrow Lake and Lunar Lake. The company may shift its messaging to IFA, a major consumer electronics show in Berlin, taking place from Sept. 6 to Sept. 10.

Why It Matters: Intel's decision to postpone the event comes after a series of setbacks for the company. The chip maker announced plans to cut 15% of its workforce, or about 15,000 jobs, despite receiving $8.5 billion in grants from the U.S. government.

The company also reported weak second-quarter financial results, with quarterly earnings of 2 cents per share, missing the analyst consensus estimate of 10 cents by 80%, and a 0.9% decrease in year-over-year sales.

Furthermore, Intel has been grappling with technical setbacks, including stability concerns with its 13th and 14th Gen CPUs.

Despite the lack of a permanent fix for the crashing issues, Intel has decided to offer an additional two years of warranty on these CPUs. The Innovation event was expected to offer a platform to Intel executives to address these issues.

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