Apple shares were rising in late trading Thursday, after the company posted fiscal third-quarter adjusted earnings of $1.57 a share, ahead of Wall Street's $1.43 per share estimate. Revenue for the quarter was $94 billion. Analysts had forecast sales of $89.35 billion.

According to Apple's recent earnings call, tariffs will add another $1.1 billion to its costs this quarter. What does that mean for you?

During the company's fiscal third quarter, which ended on June 28, Apple posted a little less than $44.6 billion in revenue from its iPhone business, a 13% increase from the previous year. Those iPhone sales helped Apple reach total revenue of $94 billon, another June quarter record for the company, and a 10% increase from last year's sales.