NEW YORK ( TheStreet ) -- With today's earnings, 22 million Sirius (SIRI) perma-bull shareholders finally received what they anxiously awaited for. First quarter was a dream quarter for investors that should have shareholders dancing in the street singing praises for CEO Mel Karmazin.
The top line revenue increased more than 11% year-over-year resulting in more than $804 million in the first three months of the year. $804 million may not be a relatively big beat compared to the mean estimate of $803, but Mel Karmazin has done a remarkable job navigating through the challenges to bring home another winner quarter.
Monthly churn has dropped to 1.9% and even auto sales are now cooperating to bring the total subscribers up to a record 22.3 million. Net income is up almost 40% meeting Wall Street's expectations of $0.02 per share.
Chris Ciaccia wrote an interesting
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