The iPhone 14 / Pro series is a hit, and JPMorgan Chase predicts that Apple's Q4 revenue in fiscal 2022 will reach $90 billion.

CTOnews.com, Oct. 13 (Xinhua)-- Apple is expected to beat Wall Street's fourth-quarter expectations and quarterly revenue records, as JPMorgan Chase forecasts revenue of $90 billion.

In a note to investors, analysts from JPMorgan Chase forecast Apple's revenue at $90 billion. That exceeded Wall Street's current estimate of $88.6 billion for the quarter. Apple's revenue in the fourth quarter of 2021 was $83.4 billion.

JPMorgan also expects earnings per share of $1.31 for the same period, compared with a forecast of $1.26.

Wednesday's report also predicted that Apple would ship 55 million iPhone units in the current quarter, compared with a forecast of 52 million. It is difficult to compare with iPhone 13 series shipments in 2021 because the device has a late release cycle and early sales peaks are mostly outside the current quarter.

CTOnews.com learned that the report predicted that Apple's revenue would grow by 8% year-on-year, because Apple shipped the iPhone 14 series earlier than the iPhone 13 series in September.

It is reported that the demand for iPhone 14 Pro models is still high. The average delivery time for iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max in all regions is 2 days, 33 days and 40 days, respectively.

Since its launch on October 7, the iPhone 14 Plus has been delivered in the United States for six days. The delivery time of iPhone 14 is shorter than that of iPhone 13, while the delivery time of iPhone 14 Pro models is roughly the same.

JPMorgan Chase rated AAPL as overweight, which means it's worth buying, and Apple has outperformed broader technology stocks and the S & P 500 so far this year.

In April 2022, JPMorgan Chase set a target price of $200 for AAPL shares, which remains unchanged in its latest note to investors.