Yesterday, Apple reported that its profits nearly doubled over the last fiscal quarter―news that drove the Nasdaq above 3,000 for the first time this week and put to rest once and for all the question of whether or not lower-income countries like China will find costly devices like iPhones and iPads worth the money.

Calling it an “incredible quarter in China”―a relatively new market for Apple―the company’s chief executive, Timothy D. Cook said, “It is mind-boggling that we could do this well.”

But foreign markets are not the only thing fueling Apple’s unanticipated degree of success. An overall proliferation of smartphones both here and abroad coupled with the company’s uncanny overall ability to convince consumers that its products and services are worth the price tag can and should not be underestimated.

For more coverage on the breaking Apple story, go to:

The Wall Street Journal

The New York Times

The Washington Post