Wendy's artificial intelligence partnership with Google is the 'first step' toward additional technology changes at its restaurants, CEO Todd Penegor said.
on Wednesday the fast-food chain's artificial intelligence partnership with Google is the "first step" toward additional technology changes at its restaurants.-owned Google worked to create an A.I. chatbot specifically designed for drive-thru ordering. The Ohio-based burger chain will run a pilot program of the AI drive-thru at several locations in the Columbus area starting in June, Penegor told Cramer.
Penegor stressed his commitment to modernize Wendy's over the next few quarters, emphasizing the opportunity with digital menu boards, for example. All together, Penegor said Wendy's is trying "drive the restaurant of the future" with these initiatives. In addition to tech-focused changes, Penegor said another area of opportunity lies with Wendy's store hours. "We're going to lean into late night," he said. "We know we've under-indexed and have an opportunity to drive a lot of growth" by targeting the late-night crowd.
Earlier Wednesday, Wendy's reported better-than-expected first-quarter results, with total revenue at $528.8 million, up 8.2% from the year-ago period, and more than the $522 million consensus estimate. The company's earnings per share rang in at $0.21, just one cent higher than expected. But despite beating on the top-and-bottom lines, Wendy's declined to raise its full-year guidance, which may have contributed to its stock falling around 2% at its lows Wednesday. However, shares of Wendy's climbed back up to finish higher by 1% Wednesday, at $23.21 each.for the CNBC Investing Club to follow Jim Cramer's every move in the market.at no cost to help you build long-term wealth and invest smarter.
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