MCD - McDonald's partners with Google as it lays out ambitious goals for 2027

2023-12-06 10:20:29 ET

McDonald’s Corp (NYSE: MCD) just announced a strategic partnership with Google Cloud. Its shares are still trending slightly down at writing.

McDonald’s to tap on AI solutions

The said collaboration will see McDonald’s tap on artificial intelligence to improve operations.

It will help reduce business disruptions and complexity – and accelerate automation innovation at its restaurants as well. Sundar Pichai – the Chief Executive of Alphabet Inc (NASDAQ: GOOGL) said in a press release today:

We’re excited to see how McDonald’s will use our generative AI, cloud, and edge computing tools to improve their iconic dining experience for their employees and their customers.

In October, McDonald’s Corp reported its financial results for the third quarter that handily topped Street estimates. Its shares have gained more than 15% over the past two months.

McDonald’s reveals new growth targets

On Wednesday, McDonald’s also laid out ambitious new goals for 2027.

The fast-food giant wants to add 100 million members to its loyalty programme and open over 8,800 locations globally. Systemwide sales, it projected in a press release this morning, will gain 2.0% in 2024 and 2.5% in the subsequent years.

McDonald’s is expected to offer more colour on how it plans on improving sales at its investor event today. You can dive into the details of the new growth targets it just announced here .

Last month, the New York-listed firm said it has decided to increase its stake in its China business ( read more ). Wall Street currently has a consensus “overweight” rating on .

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