Apple posted a strong first quarter of fiscal 2010 (for the three months ended December 26, 2009). The company posted net earnings of $3.3 billion on revenue of $15.7 billion, or $3.67 per share. That was a solid increase from the $2.50 earnings per share in Q1 2009. Gross margin was 40.9%, an increase from 36.6% last year. About $2 billion of the quarter’s revenue was the result of a change in accounting standards related to the sale of iPhones and Apple TV. Read the press release here.

Shares of Apple closed Monday up 2.6% at $202.87.

Here’s a rundown of the music-related information from the earnings release and conference call:

• iTunes had a “record-breaking” quarter, although Apple did not specify on revenue or units sold.

• Apple sold 3.36 million Mac computers, up 33% from last year.

• Almost 21 million iPods were sold in Q1, an 8% drop from last year. Revenue from iPods grew 1%.

• iPhone over 8.7 million units in the quarter, an increase of 100% over Q1 2009, with revenue of over $5.4 billion. Apple has iPhone distribution in 86 countries. Corporate clients more than doubled.

• No hints were given about the company’s intentions for Lala. The company had a brief response to an analyst’s question about the company’s acquisitions of Lala and Quattro Wireless: “We occasionally acquire small companies for their technology and talent.”

• When asked by an analyst about the app approval process, the company pointed out that over 90% of submitted apps have been approved within 14 days. Some types of content (like pornography) are rejected outright. Others, like graphic video games, are accepted with age guidelines. Most rejections are due to bugs in the code.

Q1’s results were positively impacted by Apple’s adoption of new accounting standards, resulting in revised results for each of the quarters from fiscal 2007 through fiscal 2009. The change has to do with accounting for subscription accounting related to iPhone and Apple TV sales. In the past, that revenue and product costs were recognized on a straight-line basis over a 24-month period because Apple indicated it might occasionally provide software upgrades and features for those products free of charge. Under the new rules, Apple recognizes that revenue and product cost at the time of sale. As a result, revenue that was previously deferred will now be recognized immediately. The change in accounting resulted in increases in Apple’s net sales by $2 billion of the Q1’s $15.7 billion in revenue and $6.4 billion, $5.0 billion and $572 million for 2009, 2008 and 2007, respectively.