Josh D'Amaro, Disney's new CEO, paired the company's quarterly results with a nearly 3,000-word letter to shareholders outlining his plan to deploy technology for reaching consumers and boosting profits. Written with CFO Hugh Johnston, the document signals a shift in how Disney communicates strategy as it tries to lift a stagnant stock price amid mounting pressure from streaming rivals.

For the quarter ended March 28, Disney reported revenue of $25.17 billion, up 7% year-over-year. Net income fell roughly 30% to $2.25 billion, mainly because of a one-time tax benefit recorded last year. Earnings per share excluding certain items climbed 8% to $1.57, beating analyst expectations on the back of growing streaming margins.

The shareholder letter, a first for Disney, reveals how D'Amaro plans to tackle the costly transition from linear TV to streaming while fending off competition from tech giants like YouTube. The company's heavy content spending and engagement ambitions now hinge on whether those investments translate into shareholder returns.