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By Josh Beckerman
Presto Automation shares were down 5.6% to $2.84 in late trading after the company said third-quarter revenue declined 12% to $6.6 million.
During the regular session, the stock rose 4.5%.
The company said the revenue decrease “is due to the amortization of legacy contracts, but we are looking to upgrade our customers to our new product.”
Presto, which provides labor automation technology for the hospitality industry, has been optimistic about the use of its Presto Voice technology at restaurant drive-throughs. Two weeks ago it announced an automation partnership with CKE Restaurants, owner of Carl’s Jr. and Hardee’s.
The company said Thursday that “our customers are learning about the revenue and efficiency benefits that Presto Voice can provide and that Voice AI in the drive-thru is not a futuristic application of AI, it is immediately actionable.”
Presto reported a net loss of 30 cents a share.
Write to Josh Beckerman at josh.beckerman@wsj.com
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