Multinational media and entertainment corporation Paramount (NASDAQ:PARA) will be announcing earnings results tomorrow before the bell. Here’s what investors should know.

Paramount missed analysts’ revenue expectations by 5.9% last quarter, reporting revenues of $6.81 billion, down 10.5% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ earnings and EBITDA estimates.

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

This quarter, analysts are expecting Paramount’s revenue to decline 2.3% year on year to $6.97 billion, a reversal from the 3.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.24 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 9 downward revisions over the last 30 days (we track 22 analysts). Paramount has missed Wall Street’s revenue estimates six times over the last two years.

Looking at Paramount’s peers in the broadcasting segment, some have already reported their Q3 results, giving us a hint as to what we can expect. FOX delivered year-on-year revenue growth of 11.1%, beating analysts’ expectations by 5.7%, and E.W. Scripps reported revenues up 14.1%, topping estimates by 2.7%. FOX traded up 4.1% following the results while E.W. Scripps was down 35.1%.

Read our full analysis of FOX’s results here and E.W. Scripps’s results here.

There has been positive sentiment among investors in the broadcasting segment, with share prices up 6% on average over the last month. Paramount is up 7.9% during the same time and is heading into earnings with an average analyst price target of $12.36 (compared to the current share price of $11.38).

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