Ride sharing and on-demand delivery service Uber (NYSE: UBER) is set to report its Q3 earnings tomorrow morning. The company's results will be closely watched, especially after its last quarter's revenues missed analyst expectations by 1.2%. Here's what investors need to know before the earnings release.

In the previous quarter, Uber reported revenues of $9.2 billion, reflecting a 14.3% year-on-year increase. However, this fell slightly short of analysts' expectations. Despite this, the company experienced strong user growth, with a reported 137 million users, up 12.3% compared to the previous year. Moreover, Uber's free cash flow and profit guidance for the subsequent quarter were reported to be solid.

Heading into tomorrow's earnings, analysts expect Uber's revenue to grow by 14.3% year-on-year to reach $9.5 billion. This represents a slowdown from the remarkable 72.2% year-on-year increase in revenue recorded by the company in the same quarter last year. Additionally, adjusted earnings are anticipated to be $0.31 per share.

Analysts covering Uber have recently become more pessimistic about the company's performance, with revenue estimates seeing five downward revisions in the last thirty days. However, it is worth noting that Uber has only missed Wall Street's revenue estimates once over the past two years, and on average, it has surpassed expectations by 5.6%.

Looking at its competitors in the consumer internet segment, some have already reported their Q3 earnings results. Booking delivered a 21.3% year-on-year growth in revenues, beating analyst estimates by 1.1%. Meanwhile, Airbnb reported a 17.8% year-on-year increase in revenues, surpassing estimates by 0.8%. However, both companies experienced a decline in their stock prices following the announcements, with Booking trading down 3.8% and Airbnb down 3.4%.

Investors in the consumer internet segment have shown positive sentiment lately, with stocks in this sector rising by an average of 2.4% over the past month. Notably, Uber's stock has performed even better, rising by 5.6% during the same period. As the earnings approach, analysts have set an average price target of $57.8 for Uber's shares, which is higher than the current share price of $48.01.

Investors and industry analysts will be carefully scrutinizing Uber's upcoming earnings report to assess the company's financial performance, revenue growth, and overall market sentiment. Following the slight revenue miss in the previous quarter, all eyes are on Uber's ability to meet expectations and sustain its strong user growth trajectory in the highly competitive ride sharing and on-demand delivery industry.