Live events and entertainment company Live Nation (NYSE:LYV) will be reporting earnings tomorrow afternoon. Here's what to look for.

Live Nation beat analysts' revenue expectations by 21.8% last quarter, reporting revenues of $5.84 billion, up 36.1% year on year. It was a strong quarter for the company, with revenue and EPS outperforming Wall Street's expectations.

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

This quarter, analysts are expecting Live Nation's revenue to grow 5% year on year to $3.28 billion, slowing from the 73.5% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.11 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. Live Nation has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 17.4% on average.

Looking at Live Nation's peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Nike posted flat year-on-year revenue, beating analysts' expectations by 1.1%, and Carnival reported revenues up 22%, in line with consensus estimates. Nike traded down 7% following the results while Carnival was also down 4.1%.

Read our full analysis of Nike's results here and Carnival's results here.

Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. But the beginning of 2024 has seen more volatile stock performance thanks to mixed inflation data, and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share prices down 5.9% on average over the last month. Live Nation is down 15.3% during the same time and is heading into earnings with an average analyst price target of $117.8 (compared to the current share price of $88.88).

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