It seems to be feeling the effect of the Ryanair service to Bergamo, their version of Milan, both routes being daily.
CAA figures show that in January the easyJet Malpensa carried 4395 (average load 76) and the FR Bergamo 4293 (74).
In February the figures were Malpensa 5865 (95) and Bergamo 5454 (88).
In March they were Malpensa 7173 (116) and Bergamo 6598 (106).
Overall that's a fair few travelling to the Milan area (nearly 14,000 in March) but whether it is enough to sustain two daily services year-round is obviously open to serious question.