Social network operator Meta Platforms (NASDAQ:META) will be reporting results tomorrow after market close. Here’s what investors should know.

Meta beat analysts’ revenue expectations by 2% last quarter, reporting revenues of $39.07 billion, up 22.1% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and solid sales guidance for the next quarter. It reported 3.27 billion daily active users, up 6.5% year on year.

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

This quarter, analysts are expecting Meta’s revenue to grow 18.1% year on year to $40.31 billion, slowing from the 23.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $5.28 per share.

Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing 14 upward revisions over the last 30 days (we track 43 analysts). Meta has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2% on average.

Looking at Meta’s peers in the consumer internet segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Netflix delivered year-on-year revenue growth of 15%, meeting analysts’ expectations, and Coursera reported revenues up 6.4%, topping estimates by 1.2%. Netflix traded up 11.1% following the results while Coursera was down 9.7%.

Read our full analysis of Netflix’s results here and Coursera’s results here.

There has been positive sentiment among investors in the consumer internet segment, with share prices up 2% on average over the last month. Meta is up 1.4% during the same time and is heading into earnings with an average analyst price target of $613.33 (compared to the current share price of $579.88).

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