Global entertainment and media company Warner Bros. Discovery (NASDAQ:WBD) will be reporting results tomorrow before the bell. Here's what you need to know.

Warner Bros. Discovery missed analysts' revenue expectations by 1.3% last quarter, reporting revenues of $10.28 billion, down 6.6% year on year. It was a weak quarter for the company, with a miss of analysts' revenue 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 4.5% year on year to $10.22 billion, improving from the 6.5% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.17 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 Bros. Discovery has missed Wall Street's revenue estimates six times over the last two years.

Looking at Warner Bros. Discovery'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 Disney reported revenues up 1.2%, in line with consensus estimates. fuboTV traded down 9.4% following the results.

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

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 consumer discretionary stocks have fared somewhat better, they have not been spared, with share prices down 2.1% on average over the last month. Warner Bros. Discovery is down 10.5% during the same time and is heading into earnings with an average analyst price target of $13 (compared to the current share price of $7.78).

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