Global entertainment and media company Warner Bros. Discovery (NASDAQ: WBD) will be reporting earnings tomorrow before market open. Here’s what to expect.

Warner Bros. Discovery missed analysts’ revenue expectations by 1.9% last quarter, reporting revenues of $10.03 billion, down 2.5% year on year. It was a slower quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and a miss of analysts’ Distribution revenue estimates.

Is Warner Bros. Discovery a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Warner Bros. Discovery’s revenue to decline 4% year on year to $9.56 billion, improving from the 6.9% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.12 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.

Looking at Warner Bros. Discovery’s peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. fuboTV delivered year-on-year revenue growth of 3.5%, missing analysts’ expectations by 28.7%, and Hasbro reported revenues up 17.1%, topping estimates by 14.8%. fuboTV traded down 13.3% following the results while Hasbro was up 15.9%.

Read our full analysis of fuboTV’s results here and Hasbro’s results here.

There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 12.7% on average over the last month. Warner Bros. Discovery is up 10.6% during the same time and is heading into earnings with an average analyst price target of $13.19 (compared to the current share price of $8.51).

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