Walmart, in a blog post announcing its tech incubator, said the Austin, Texas facility will focus on machine learning, artificial intelligence and natural language processing technologies.
The retailer reported a 23% increase in online sales for the quarter, compared to a 50% increase in the previous quarter, and said the decline was expected as sales growth on Jet.com cooled.
The retailer reported mixed results for its fourth quarter as promotional activity and ongoing investments in its digital operations took a toll on earnings, and online growth slowed dramatically from the previous quarter.
The retailer will be updating its app with a feature called Store Assistant, which enables customers to create shopping lists, have real-time access to stock availability and calculates the shopping list cost.
The retailer is asking vendors to supply more merchandise priced at $10 and up to finally turn a profit at its online business, according to a report by Reuters.
The retailer and Ainsworth created the Pure Balance pet food brand in 2012, which contains seven different dry formulas and a dozen wet dog food options.
On a per-share basis, the San Francisco-based company reported net income of $4.33. Earnings, adjusted for one-time gains and costs, were $3.41 per share.