This is one possible way to hedge...

Let's take an example and say I have 1000 shares of NVDA and I want to hedge it before the earning. For simplicity, NVDA price is 130.

You can just buy put spread from 130-110, this is one way to hedge it.

Or, you can buy of 125 put for $5 each, and sell 3 contract of NVDA 130 call for $7.5 each, all options expire at the same day

In the 2nd hedge, the premium from covered call will cover roughly half of the cost of the put premium, effectively lower the cost of hedge by half. The put protects almost the entirety of my postion on the downside if NVDA earning not good. If NVDA earning is good, it essentially means to profit on 1/3 of position at 130, but still let the remaining 2/3 to ride the uptrend. 

Hope this helps