After an absolutely brutal year, the start of 2023 has given investors some hope that a bull market could be nearing. All three major indexes have made a small, but positive rally. And certain hard-hit growth stocks like Airbnb (ABNB 0.30%) are up as much as 43%.

History has shown that bear markets are always followed by a bull market. It's not a matter of if the market will recover, but when. No one knows if the market will continue climbing right now, but a bull market will return eventually.

Here's a closer look at the Airbnb and four reasons why this growth stock should keep rising when a bull market does return.

1. It is performing wonderfully

Airbnb hasn't had the easiest ride since its initial public offering (IPO) in 2021. The stock has faced pressures from a global pandemic, a market correction, and concern over the impact of high inflation on travel spending. Yet despite the pessimistic outlook that many investors have for the company, Airbnb has never been stronger.

Results for the latest fourth-quarter and full year showed record growth. Airbnb saw its first positive year for net income under generally accepted accounting principles (GAAP). Free cash flow rose by 49% compared to last year and its earnings before interest, taxes, depreciation, and amortization (EBITDA) doubled. 

Continued demand for domestic and international vacation rental properties has helped the company reach its most profitable quarter and year on record. And its growth doesn't seem to be slowing. The company predicts its revenue for the first quarter of 2023 to be between 16% and 21% higher year over year, although its full-year 2023 outlook falls in line with 2022 earnings.

2. It's far from reaching market saturation

Even though Airbnb is the largest vacation rental listing platform in the world with over 6.6 million short-term rental listings on its website, it still has a lot of opportunities for growth. In 2022, 900,000 new listings were added to the platform. This is largely driven by new markets and the organic recruitment of new hosts as the vacation industry booms. But the company is also doing things to improve the host and user experience to increase retention. 

It rolled out Airbnb experiences and Aircover, which protects hosts and guests throughout the booking experience. It's also improved tools and features like transparent pricing and super host awards for its top-performing hosts.

Right now, surveys show travelers still largely prefer staying in hotels or resorts compared to short-term vacation rental properties. But that could change as more hosts join the platform. Unique stays are becoming incredibly popular and are something Airbnb has done a great job of highlighting.

3. Getting creative in its growth opportunities

In its latest earnings report, Airbnb hinted it plans to expand beyond its core services, but hasn't revealed exactly what that could be. Right now, the company is exclusively focused on facilitating a positive stay for guests and hosts. But it's intriguing to know the company is open to branching out beyond its core services to maintain its accelerated growth.

4. An attractive price considering its long-term potential

Despite the stock's massive rally at the start of 2023, Airbnb stock still sits 15% below its IPO. The stock is trading at price-to-earnings ratio of 43, which is a bit elevated compared to most stocks in the S&P 500. But it's not out of range for other growth stocks -- especially one as young and profitable as Airbnb.

Poor market conditions have hurt its share price, but the stock won't stay depressed forever. Investors looking to load up on high-growth stocks before the next bull market should take advantage of today's discounted pricing. I truly believe in the mission and vision of Airbnb and feel the company is just getting started on its growth journey.