Intel has cancelled its upcoming Intel Innovation event for late September this year and postponed it until 2025. The main reason is cost savings. It will, however, unveil the new Lunar Lake processors during IFA 2024 in Berlin.
Intel has to be more careful financially after disappointing expected financial results for the second half of this year. According to the US chip maker, financial expectations for the rest of this year were earlier overestimated.
In the second quarter of this year, the chip maker recorded a revenue increase of only one percent compared to the same period in 2023. In addition, the expected profit for the quarter changed from about $1.48 billion (1.35 billion euros) to a net loss of $1.61 billion.
Following these results, it announced a 20 percent spending cut and as much as $10 billion in savings. About 15,000 jobs are also at risk.
Read more: Intel wants to save 10 billion and cuts 15,000 jobs
Intel Innovation 2024 cancelled
Another major casualty of the necessary cuts is Intel’s annual Intel Innovation event in late September, which is being cancelled this year, according to PCMag. However, the event where Intel introduces its latest processors will normally occur again in 2025.
This year, Intel will announce new PC processors, namely the long-awaited Intel Lunar Lake processors. These processors will be announced at IFA 2024 in Berlin. The introduction of the Intel Arrow Lake processors (based on the new Lion Cove architecture) is also planned this year, says the chip manufacturer. Among other things, this series of PC processors is said to be optimized for performing AI tasks by using a chiplet architecture, high clock speeds, an on-board integrated GPU and a special module for running AI models.
Recently, Intel also introduced a new manufacturing process for its processors. The Intel 18A manufacturing process should come online next year.
Also read: Lunar Lake: Intel deals counter punch in AI PC bout