Mobile app advertising platform AppLovin (NASDAQ: APP) will be reporting earnings tomorrow after market close. Here's what to look for.

Last quarter AppLovin reported revenues of $864.3 million, up 21.2% year on year, beating analyst revenue expectations by 8.5%. It was a stunning quarter for the company, with a significant improvement in its gross margin and an impressive beat of analysts' revenue estimates.

Is AppLovin buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting AppLovin's revenue to grow 32.1% year on year to $928 million, improving on the 11.5% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.75 per share.

The analysts covering the company have been growing increasingly bullish about the business heading into the earnings, with revenue estimates seeing three upwards revisions over the last thirty days. The company missed Wall St's revenue estimates three times over the last two years.

Looking at AppLovin's peers in the sales and marketing software segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. LiveRamp delivered top-line growth of 9.6% year on year, beating analyst estimates by 1.2% and Freshworks reported revenues up 20.2% year on year, exceeding estimates by 1%. LiveRamp traded down 2.3% on the results, Freshworks was down 3%.

Read our full analysis of LiveRamp's results here and Freshworks's results here.

There has been positive sentiment among investors in the sales and marketing software segment, with the stocks up on average 7.8% over the last month. AppLovin is up 15.8% during the same time, and is heading into the earnings with analyst price target of $50.5, compared to share price of $47.16.

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