Global entertainment and media company Warner Bros. Discovery (NASDAQ:WBD) will be reporting results tomorrow morning. Here’s what to look for.

Warner Bros. Discovery missed analysts’ revenue expectations by 3.6% last quarter, reporting revenues of $9.71 billion, down 6.2% year on year. It was a disappointing quarter for the company, with a miss of analysts’ operating margin and earnings 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 1.9% year on year to $9.79 billion, a reversal from the 1.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.14 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 8 downward revisions over the last 30 days (we track 20 analysts).

Looking at Warner Bros. Discovery’s peers in the media segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Scholastic delivered year-on-year revenue growth of 3.8%, beating analysts’ expectations by 1.6%, and fuboTV reported revenues up 20.3%, topping estimates by 2.5%. Scholastic traded up 6% following the results while fuboTV was down 17%.

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

There has been positive sentiment among investors in the media segment, with share prices up 3.3% on average over the last month. Warner Bros. Discovery is up 6.5% during the same time and is heading into earnings with an average analyst price target of $10.56 (compared to the current share price of $8.22).

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