Satellite radio and media company Sirius XM (NASDAQ:SIRI) will be announcing earnings results tomorrow before the bell. Here's what investors should know.

Sirius XM met analysts' revenue expectations last quarter, reporting revenues of $2.29 billion, flat year on year. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations and a miss of analysts' core subscribers estimates.

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

This quarter, analysts are expecting Sirius XM's revenue to be flat year on year at $2.13 billion, improving on the 1.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.07 per share.

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

Looking at Sirius XM's peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Charter posted flat year-on-year revenue, meeting analysts' expectations, and Strategic Education reported revenues up 13.1%, topping Wall Street's consensus estimates by 5.8%. Strategic Education traded up 20.2% following the results.

Read our full analysis of Charter's results here and Strategic Education's results here.

Inflation fears have put pressure on growth stocks, and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share price declining 7% over the last month. Sirius XM is down 20.6% during the same time and is heading into earnings with an average analyst price target of $4.8 (compared to share price of $3.04).

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