Live events and entertainment company Live Nation (NYSE:LYV) will be reporting earnings tomorrow after the bell. Here’s what investors should know.

Live Nation missed analysts’ revenue expectations by 2% last quarter, reporting revenues of $7.65 billion, down 6.2% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ adjusted operating income estimates. It reported 12,834 events, up 6.2% year on year.

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

This quarter, analysts are expecting Live Nation’s revenue to decline 4% year on year to $5.60 billion, a reversal from the 36% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$1.03 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. Live Nation has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Live Nation’s peers in the consumer discretionary segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Marcus & Millichap delivered year-on-year revenue growth of 44.4%, beating analysts’ expectations by 20.2%, and Sonos reported a revenue decline of 10.1%, topping estimates by 5.2%. Marcus & Millichap traded up 5.4% following the results while Sonos was down 2.7%.

Read our full analysis of Marcus & Millichap’s results here and Sonos’s results here.

Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.6% on average over the last month. Live Nation is up 12.3% during the same time and is heading into earnings with an average analyst price target of $145.30 (compared to the current share price of $156).

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