Intel announces postponement of September's major event until 2025 due to poor financial results and second-half outlook

Intel has announced that it will postpone its annual flagship event, Innovation, until 2025.

Intel Innovation

Amid Layoffs and CPU Controversy, Intel Postpones Innovation Event | PCMag
https://www.pcmag.com/news/amid-layoffs-and-cpu-controversy-intel-postpones-innovation-event

'Innovation' was scheduled to take place on September 24th and 25th, 2024, but has now been postponed until 2025.

As for the reason for the delay, Intel said, 'Given that our operating results and outlook for the second half of 2024 are more challenging than previously expected, we need to make some difficult decisions as we continue to adjust our cost structure and evaluate the resulting impact on our financial results.'

Intel announced its second quarter 2024 financial results the week before this announcement, but it was revealed that it had recorded a loss of $ 1.61 billion (about 230 billion yen), Intel's stock price recorded its worst decline since 1974.

Intel shares plummet 26% to their lowest in 10 years, the biggest drop in 50 years, after reporting a major downturn in earnings - GIGAZINE

As a result of these efforts, Intel plans to cut costs by $10 billion by 2025, and has already begun cutting 15,000 jobs.

Intel announces second quarter 2024 financial results, announces deficit of over 240 billion yen and cuts about 15,000 jobs - GIGAZINE

The aftereffects of these cost-cutting measures appear to have also extended to 'innovation.'

Major products announced at past Innovation events include:

・2021: 12th generation Core processor ' Alder Lake '
・2022: 13th generation Core processor ' Raptor Lake '
・2023: 14th generation Core processor ' Meteor Lake '

It was expected that the 15th generation processor, codenamed 'Arrow Lake-S,' would be announced in 2024, but Intel said that the launch plan itself would not be affected. It could also have been a place for Intel to officially explain the series of problems with the 13th and 14th generation processors, but unfortunately this did not come to fruition. Intel also stated that 'we will continue to hold smaller, more targeted events, webinars, and meetups around the world,' explaining that they will provide opportunities for presentations other than 'innovation.'