Global music entertainment company Warner Music Group (NASDAQ:WMG) will be announcing earnings results tomorrow before market open. Here’s what to look for.

Warner Music Group missed analysts’ revenue expectations by 1.1% last quarter, reporting revenues of $1.55 billion, flat year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ EPS estimates but a miss of analysts’ Music Publishing revenue estimates.

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

This quarter, analysts are expecting Warner Music Group’s revenue to be flat year on year at $1.60 billion, slowing from the 5.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.31 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. Warner Music Group has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Warner Music Group’s peers in the media segment, some have already reported their Q3 results, giving us a hint as to what we can expect. fuboTV delivered year-on-year revenue growth of 20.3%, beating analysts’ expectations by 2.5%, and Warner Bros. Discovery reported a revenue decline of 3.6%, falling short of estimates by 1.7%. fuboTV traded down 17% following the results while Warner Bros. Discovery was up 9.9%.

Read our full analysis of fuboTV’s results here and Warner Bros. Discovery’s results here.

There has been positive sentiment among investors in the media segment, with share prices up 4.3% on average over the last month. Warner Music Group is up 3.6% during the same time and is heading into earnings with an average analyst price target of $36 (compared to the current share price of $32.93).

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