Global media and publishing company News Corp (NASDAQ:NWSA) will be announcing earnings results tomorrow after market hours. Here's what investors should know.

News Corp met analysts' revenue expectations last quarter, reporting revenues of $2.59 billion, up 2.6% year on year. It was a very strong quarter for the company, with an impressive beat of analysts' earnings estimates.

Is News Corp a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting News Corp's revenue to be flat year on year at $2.45 billion, improving from the 1.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.13 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. News Corp has missed Wall Street's revenue estimates four times over the last two years.

Looking at News Corp'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 24%, beating analysts' expectations by 5.5%, and Royal Caribbean reported revenues up 29.2%, topping estimates by 1.1%. fuboTV traded down 9.4% following the results while Royal Caribbean was up 2.8%.

Read our full analysis of fuboTV's results here and Royal Caribbean's results here.

Investors in the consumer discretionary segment have had fairly steady hands going into earnings, with share prices down 1.9% on average over the last month. News Corp is down 4.6% during the same time and is heading into earnings with an average analyst price target of $30.6 (compared to the current share price of $24.56).

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