Apple Inc. is expected to beat Wall Street's fiscal fourth-quarter expectations and quarterly revenue record, as JPMorgan Chase forecasts the company's revenue to reach $90 billion. In a note to investors, analysts from JPMorgan Chase forecast Apple revenue of $90 billion. That beat Wall Street's current estimate of $88.6 billion for the quarter. Apple's revenue in the fourth fiscal quarter of 2021 was $83.4 billion.
JPMorgan also expected earnings per share of $1.31 in the same period, compared with expectations of $1.26.
Wednesday's report also forecast that Apple will ship 55 million iPhones this quarter, compared with expectations for 52 million. Comparing shipments with the iPhone 13 series in 2021 is still difficult because the device has a late release cycle and early sales peaks are mostly outside the current quarter.
The report forecast indicates that Apple’s revenue increased by 8% year-on-year because Apple shipped the iPhone 14 series earlier than the iPhone 13 series in September.
The iPhone 14 Pro models are still in high demand. Average lead times for iPhone 14, iPhone 14 Pro, and iPhone 14 Pro Max across all regions are 2 days, 33 days, and 40 days, respectively.
Since its launch on October 7, the iPhone 14 Plus has had a six-day delivery time in the US. The iPhone 14 has a shorter lead time than the iPhone 13, while the iPhone 14 Pro models have about the same lead time.
JPMorgan has an overweight rating on AAPL stock, which means it's a buy, and Apple has outperformed the broader tech sector and the S&P 500 so far this year.
In April 2022, JPMorgan Chase & Co. set a $200 price target on AAPL stock, and in this latest note to investors, that target hasn't changed.
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