Asia Tech Wire (Aug 12) -- Intel has postponed its innovation event scheduled for next month in San Jose, Calif.

The company is preventing shrinking cash reserves by laying off employees and cutting costs.

In lieu of that, the company will focus on a number of other events, such as webinars, programming marathons and the Intel AI Summits, the company said in an e-mailed statement.

Intel, which last week issued a disappointing sales outlook and cut its dividend, also plans to lay off 15% of its workforce.