Payments and billing software maker Bill.com (NYSE:BILL) will be announcing earnings results tomorrow after the bell. Here's what to expect.

Bill.com beat analysts' revenue expectations by 6.8% last quarter, reporting revenues of $318.5 million, up 22.5% year on year. It was a very strong quarter for the company, with an impressive beat of analysts' billings estimates and full-year revenue guidance topping analysts' expectations.

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

This quarter, analysts are expecting Bill.com's revenue to grow 12.3% year on year to $306.1 million, slowing from the 63.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.53 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. Bill.com has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 6.9% on average.

Looking at Bill.com's peers in the finance and HR software segment, only Paychex has reported results so far. It missed analysts' revenue estimates by 1.2%, delivering year-on-year sales growth of 4.2%. The stock was down 1.1% on the results.

Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 thanks to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, and while some of the finance and HR software stocks have fared somewhat better, they have not been spared, with share prices down 4% on average over the last month. Bill.com is down 2.9% during the same time and is heading into earnings with an average analyst price target of $85 (compared to the current share price of $62.01).

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