Airbnb remains strong even during the pandemic.

Recently, the short-term rental platform Airbnb Inc. (NASDAQ: ABNB) reported its second-quarter results. Revenue was up 10%, and bookings increased by almost 200%. Unfortunately, the tourism industry is in a severe crisis due to the COVID-19 pandemic.

Airbnb was also partially affected, but customer interest in booking returned, also thanks to the pandemic. The fact is that the company used the service for long-term booking of country houses, where people could rest from the bustle of the city, feel safer in the fresh air and work remotely. In the second quarter, Airbnb noted that stays of 28 days or more remained the fastest-growing category of bookings.

Since telecommuting is likely to become a long-term trend, the demand for long-term stays may persist in the medium term. What’s more, long-term tourists create an even larger customer group for which Airbnb can sell value-added services and further engage them in its ecosystem.

Airbnb is also counting on pent-up demand, which could drive bookings up on certain holidays and vacations. Recall that the company received 1.33 billion in revenue in the second quarter, which is 10% more than in 2019. Currently, the company has $ 7.43 billion in cash, while its long-term debt is $ 1.98 billion. This means that Airbnb has the resources to invest in growth over the coming quarters and even years.

The platform has proven that it can operate under challenging conditions and quickly recover from a severe crisis. At the auction on September 27, ABNB share cost $ 174.26.