Telecommunications conglomerate AT&T (NYSE: T) will be reporting results this Wednesday before market hours. Here’s what to look for.

AT&T beat analysts’ revenue expectations last quarter, reporting revenues of $33.47 billion, up 3.6% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates.

Is AT&T a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting AT&T’s revenue to grow 1.9% year on year, in line with the 2% increase it recorded in the same quarter last year.

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. AT&T has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at AT&T’s peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Levi's delivered year-on-year revenue growth of 14.1%, beating analysts’ expectations by 5.6%, and Nike reported flat revenue, in line with consensus estimates. Levi's traded up 10.7% following the results while Nike was down 15.5%.

Read our full analysis of Levi’s results here and Nike’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. AT&T is down 9% during the same time and is heading into earnings with an average analyst price target of $30.43 (compared to the current share price of $26.19).

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