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(Sharecast News) - Walt Disney Co shares shot higher on Wednesday after the media and entertainment giant's new boss Josh D'Amaro laid out his "long-term view" for the company, which involves using technology to deepen its relationship with customers.
"Our goal is to leverage that position to extend our reach, deepen engagement, and generate greater value from our world-class intellectual property," D'Amaro said in a nearly 3,000-word letter to shareholders accompanying Disney's second-quarter earnings report.
"To fully capture this opportunity, we will embrace technology more aggressively and build a more connected consumer experience, with Disney+ right at the centre," said D'Amaro, who took over from Bob Iger last month.
He said that Disney has the potential to "deepen our direct relationship with our fans", by creating a more connected experience across streaming, sports, games and experiences, with the Disney+ platform playing a more important role as a central hub.
The letter came as Disney reported 7% revenue growth for the fiscal second quarter to $25.17bn, with income before tax rising 9% to $3.4bn. Both figures came in ahead of market expectations.
Revenues in the entertainment business rose 10% to $11.72bn, helping to offset declines in linear TV and weaker growth in its sports arm.
Disney shares were up 6.5% at $107 by 1648 BST, hitting highs not seen since February.
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