It has been a rough 2022 for many stocks, and Airbnb (ABNB 0.40%) is no exception. The stock is down 44% year to date and 48% off its early-2022 high. Taking a step back, the news isn't much better. Since its initial public offering, Airbnb is down 33%, while the S&P 500 has risen 2%.

Sounds like the stock isn't doing so great doesn't it? I disagree: The recent stock slump has provided a compelling opportunity to buy shares of a company with strong business results and a bright future. 

A record-setting quarter

Let's start by looking at Airbnb's third-quarter 2022 results, which it reported recently. Revenue for the quarter was $2.9 billion, and net income came in at $1.2 billion. Both were records for the company. Impressively, 42% of Airbnb's revenue fell to the bottom line

Year over year, revenue grew 29% and net income increased 46%, and that's including a negative impact from foreign exchange rates. Ignoring that, growth would have been 36% and 61%, respectively. Any way you cut it, Airbnb's financial performance this quarter was strong.

This financial performance was driven by equally impressive activity on the platform. Nights and experiences booked grew 25% to 99.7 million and gross booking value -- the sum of all transactions on the platform -- reached $15.6 billion, an increase of 31%.

Airbnb may be recession-resistant

On the earnings call, management stated several times it has seen no evidence of a slowdown due to the economic environment. In fact, CEO Brian Chesky believes Airbnb is uniquely suited to weather an economic downturn.

During the 2008 financial crisis, Airbnb saw many new hosts come on board as a way to find extra income. Chesky expects the same may happen if we see a recession in the coming months. Bringing on hosts is an important part of Airbnb's business model, and the company has made improvements to the platform recently that should help hosts get the most out of their experience.

AirCover, introduced last year, is an insurance policy that protects both hosts and guests from unexpected negative experiences, a common complaint for users of the platform. Additionally, the new "categories" feature improves the search function in a way that helps hosts get their listings in front of more potential guests.

The China opportunity

Growth in the Asia-Pacific region has been strong for Airbnb. Excluding China, this region grew 65% in Q3. However, there's a huge potential opportunity to be had in China when the country lifts its COVID-19 restrictions. 

Despite Airbnb's decision to close down the domestic listing business in China, the company is still focusing on travelers leaving China as potential Airbnb guests in other countries. This focus on outbound China business will concentrate on neighboring counties in the near term, and then eventually Europe and the U.S. The regional rollout strategy is meant to ensure the supply is ready once outbound travel from China resumes.

Airbnb's stock is cheaper than usual

Perhaps the most compelling reason to to consider buying Airbnb stock right now is its valuation. Over the course of its life as a public company, Airbnb's price-to-sales ratio (P/S) has been as high as 36. Currently, the stock is trading for a P/S of 8.5, only slightly above its all-time low of 7.9. On a forward sales basis, the P/S multiple is even cheaper, at 7.4.

Considering its recent financial performance as well as its future prospects, Airbnb looks like a company well worth its current valuation. I never back up the truck when I buy a business, but I think now is a good time to open a new position or add to an existing one.