Investors were disappointed by Airbnb's (NASDAQ: ABNB) recent earnings update, but they weren't ready to check out of the stock just yet. The accommodation-rental giant recently outlined strong travel demand heading into the peak summer season, along with slowing growth rates.

Good reasons for buying the stock include its strong and improving profitability, positive cash flow, and huge long-term sales potential. But shares have rallied sharply in 2023, trouncing the wider market's 8% increase and pushing its valuation up.

Let's take a closer look at the prospects for investors considering Airbnb shares following its early 2023 spike.

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Source Fool.com