Airbnb sharply narrowed its first-quarter loss to $19 million, as the rebound in travel after two years of pandemic caused bookings to jump and revenue to rise 70% from a year ago.

The lodging-reservations company said Tuesday that there is strong demand for bookings during summer and the year-end holidays. Airbnb said international bookings by Americans are running ahead of their pre-pandemic pace.

However, rising prices that have long helped Airbnb may be easing. The company said average daily rates rose only 5% from a year ago because there were more urban rentals with relatively lower prices.

The company expects average rates in the second quarter to be flat from a year ago. Still, it forecast revenue of between $2.03 billion and $2.13 billion — above analysts’ predication of $1.96 billion, according to a FactSet survey.

Airbnb said the possibility of future COVID-19 outbreaks, the war in Ukraine and inflations pose risks to its business.

The loss that Airbnb reported was a sliver of the $1.17 billion loss it suffered a year earlier, when it took $782 million in write-downs on loans and office space in San Francisco.

Revenue rose to $1.51 billion, 80% higher than in pre-pandemic 2019. That was driven by more than 100 million nights and experiences booked, a quarterly record.

On a per-share basis, the loss was 3 cents. Analysts expected the San Francisco-based company to lose 25 cents per share on revenue of $1.45 billion, according to a FactSet survey.

Shares of Airbnb rose more than 3% in after-hours trading. They had dropped 5% during the regular session.

This story has been corrected to show that the second-quarter revenue guidance was above the average analyst forecast.