Cloud communications infrastructure company Twilio (NYSE: TWLO) will be announcing earnings results tomorrow afternoon. Here’s what to look for.

Twilio beat analysts’ revenue expectations by 1.5% last quarter, reporting revenues of $1.19 billion, up 11% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ billings estimates but EPS guidance for next quarter missing analysts’ expectations significantly. It added 5,000 customers to reach a total of 325,000.

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

This quarter, analysts are expecting Twilio’s revenue to grow 8.9% year on year to $1.14 billion, improving from the 4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.96 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. Twilio has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Twilio’s peers in the software development segment, only F5 has reported results so far. It beat analysts’ revenue estimates by 1.7%, delivering year-on-year sales growth of 7.3%. The stock price was unchanged following the results.

Investors in the software development segment have had steady hands going into earnings, with share prices flat over the last month. Twilio is down 1.8% during the same time and is heading into earnings with an average analyst price target of $126.13 (compared to the current share price of $96.40).

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