Airbnb (ABNB  ) shares were 3% higher following the company's Q1 results in which it exceeded expectations on the top and bottom line and issued guidance above analyst expectations. The company's results and commentary were also notable in their positive assessment of the summer travel season.

The company also exceeded pre-pandemic levels in terms of rooms booked. Airbnb is certainly a stock to watch as it combines elements of a growth stock and a travel company and has many positive flywheels and 'network effects' in place.

Overall, Airbnb shares are 32% off their all-time highs from February 2021 which is much better as the majority of growth stocks are down between 50 and 80%. The stock is also up about 11% from early March and 22% from it's all-time low.

Inside the Numbers

In Q1, Airbnb reported a loss of $0.03 per share which was better than expectations of a loss of $0.29 per share. Revenue also beat at $1.5 billion vs $1.45 billion and was 70% higher than last year. The company did face some omicron headwinds in Q1 and weakness in Eastern Europe due to the war.

The company also recorded a milestone with bookings topping 100 million for the first time. It also issued bullish guidance for Q2 with revenue between $2.03 billion and $2.13 billion, topping analysts average estimate of $1.96 billion. This comes out to about 55% growth from last year's Q2.

Another positive is that travelers are willing to make bookings trips longer in advance which signals confidence in the outlook. Currently, there are 30% more bookings for summer travel than in 2019 which signals the company's organic growth and the travel recovery.

Gross booking value was up 67% and topped expectations at $17.2 billion vs $16.5 billion. Average rates increased by 5% to $168. It also continues to see bookings for longer periods as people take advantage of remote work for "working vacations". Bookings of longer than 28 days accounted for 21% of total bookings and remain the fastest-growing category.