Shares of MoviePass majority owner Helios & Matheson Analytics Inc. HMNY, -16.66% are up 2.2% in Wednesday morning trading after the company reported a surprise profit for the March quarter. The company reported earnings per share of 9 cents, compared with a per-share loss of $1.17 a year ago. Analysts had been expecting a loss of $2.08 a share, according to FactSet. The company generated revenue of $49.4 million, up from $1.4 million a year earlier but below the FactSet consensus estimate for $57.2 million. In a release, Helios & Matheson said it now has more than 2.7 million active members, 1.1 million of which joined in the first quarter. The company said that recent efforts to "curb misuse" of the platform, which were announced in April, haven't impacted MoviePass's ability to sign up new members. Helios & Matheson also said that the company is "naturally seeing significantly reduced usage over time" as its subscriber base "matures." Shares are down 69% over the past 12 months, while the S&P 500 SPX, -2.37% has gained 13%.