diff --git a/src/Markdig/Helpers/LazySubstring.cs b/src/Markdig/Helpers/LazySubstring.cs
new file mode 100644
index 00000000..5cf15bd2
--- /dev/null
+++ b/src/Markdig/Helpers/LazySubstring.cs
@@ -0,0 +1,45 @@
+// Copyright (c) Alexandre Mutel. All rights reserved.
+// This file is licensed under the BSD-Clause 2 license. 
+// See the license.txt file in the project root for more information.
+
+using System;
+using System.Diagnostics;
+
+namespace Markdig.Helpers
+{
+    internal struct LazySubstring
+    {
+        public string Text;
+        public int Offset;
+        public int Length;
+
+        public LazySubstring(string text)
+        {
+            Text = text;
+            Offset = 0;
+            Length = text.Length;
+        }
+
+        public LazySubstring(string text, int offset, int length)
+        {
+            Debug.Assert((ulong)offset + (ulong)length < (ulong)text.Length, $"{offset}-{length} in {text}");
+            Text = text;
+            Offset = offset;
+            Length = length;
+        }
+
+        public ReadOnlySpan<char> AsSpan() => Text.AsSpan(Offset, Length);
+
+        public override string ToString()
+        {
+            if (Offset != 0 || Length != Text.Length)
+            {
+                Text = Text.Substring(Offset, Length);
+                Offset = 0;
+            }
+
+            return Text;
+
+        }
+    }
+}
diff --git a/src/Markdig/Parsers/Inlines/CodeInlineParser.cs b/src/Markdig/Parsers/Inlines/CodeInlineParser.cs
index e3432e79..da6474f8 100644
--- a/src/Markdig/Parsers/Inlines/CodeInlineParser.cs
+++ b/src/Markdig/Parsers/Inlines/CodeInlineParser.cs
@@ -6,6 +6,7 @@ using Markdig.Helpers;
 using Markdig.Syntax;
 using Markdig.Syntax.Inlines;
 using System;
+using System.Diagnostics;
 
 namespace Markdig.Parsers.Inlines
 {
@@ -54,6 +55,7 @@ namespace Markdig.Parsers.Inlines
             // whitespace from the opening or closing backtick strings.
 
             bool allSpace = true;
+            bool containsNewLine = false;
             var contentEnd = -1;
 
             while (c != '\0')
@@ -61,10 +63,12 @@ namespace Markdig.Parsers.Inlines
                 // Transform '\n' into a single space
                 if (c == '\n')
                 {
+                    containsNewLine = true;
                     c = ' ';
                 }
                 else if (c == '\r')
                 {
+                    containsNewLine = true;
                     slice.SkipChar();
                     c = slice.CurrentChar;
                     continue;
@@ -100,14 +104,19 @@ namespace Markdig.Parsers.Inlines
             {
                 ReadOnlySpan<char> contentSpan = builder.AsSpan();
 
+                var content = containsNewLine
+                    ? new LazySubstring(contentSpan.ToString())
+                    : new LazySubstring(slice.Text, contentStart, contentSpan.Length);
+
+                Debug.Assert(contentSpan.SequenceEqual(content.AsSpan()));
+
                 // Remove one space from front and back if the string is not all spaces
                 if (!allSpace && contentSpan.Length > 2 && contentSpan[0] == ' ' && contentSpan[contentSpan.Length - 1] == ' ')
                 {
-                    contentSpan = contentSpan.Slice(1, contentSpan.Length - 2);
+                    content.Offset++;
+                    content.Length -= 2;
                 }
 
-                string content = contentSpan.ToString();
-
                 int delimiterCount = Math.Min(openSticks, closeSticks);
                 var spanStart = processor.GetSourcePosition(startPosition, out int line, out int column);
                 var spanEnd = processor.GetSourcePosition(slice.Start - 1);
diff --git a/src/Markdig/Renderers/Html/Inlines/CodeInlineRenderer.cs b/src/Markdig/Renderers/Html/Inlines/CodeInlineRenderer.cs
index 696d1514..d4d1dc5c 100644
--- a/src/Markdig/Renderers/Html/Inlines/CodeInlineRenderer.cs
+++ b/src/Markdig/Renderers/Html/Inlines/CodeInlineRenderer.cs
@@ -22,11 +22,11 @@ namespace Markdig.Renderers.Html.Inlines
             }
             if (renderer.EnableHtmlEscape)
             {
-                renderer.WriteEscape(obj.Content);
+                renderer.WriteEscape(obj.ContentSpan);
             }
             else
             {
-                renderer.Write(obj.Content);
+                renderer.Write(obj.ContentSpan);
             }
             if (renderer.EnableHtmlForInline)
             {
diff --git a/src/Markdig/Renderers/Normalize/Inlines/CodeInlineRenderer.cs b/src/Markdig/Renderers/Normalize/Inlines/CodeInlineRenderer.cs
index c598f64d..9560075f 100644
--- a/src/Markdig/Renderers/Normalize/Inlines/CodeInlineRenderer.cs
+++ b/src/Markdig/Renderers/Normalize/Inlines/CodeInlineRenderer.cs
@@ -15,15 +15,16 @@ namespace Markdig.Renderers.Normalize.Inlines
         protected override void Write(NormalizeRenderer renderer, CodeInline obj)
         {
             var delimiterCount = 0;
-            for (var i = 0; i < obj.Content!.Length; i++)
+            string content = obj.Content;
+            for (var i = 0; i < content.Length; i++)
             {
-                var index = obj.Content.IndexOf(obj.Delimiter, i);
+                var index = content.IndexOf(obj.Delimiter, i);
                 if (index == -1) break;
 
                 var count = 1;
-                for (i = index + 1; i < obj.Content.Length; i++)
+                for (i = index + 1; i < content.Length; i++)
                 {
-                    if (obj.Content[i] == obj.Delimiter) count++;
+                    if (content[i] == obj.Delimiter) count++;
                     else break;
                 }
 
@@ -32,14 +33,14 @@ namespace Markdig.Renderers.Normalize.Inlines
             }
             var delimiterRun = new string(obj.Delimiter, delimiterCount + 1);
             renderer.Write(delimiterRun);
-            if (obj.Content.Length != 0)
+            if (content.Length != 0)
             {
-                if (obj.Content[0] == obj.Delimiter)
+                if (content[0] == obj.Delimiter)
                 {
                     renderer.Write(' ');
                 }
-                renderer.Write(obj.Content);
-                if (obj.Content[obj.Content.Length - 1] == obj.Delimiter)
+                renderer.Write(content);
+                if (content[content.Length - 1] == obj.Delimiter)
                 {
                     renderer.Write(' ');
                 }
diff --git a/src/Markdig/Renderers/Roundtrip/Inlines/CodeInlineRenderer.cs b/src/Markdig/Renderers/Roundtrip/Inlines/CodeInlineRenderer.cs
index 8343e158..be1b9c72 100644
--- a/src/Markdig/Renderers/Roundtrip/Inlines/CodeInlineRenderer.cs
+++ b/src/Markdig/Renderers/Roundtrip/Inlines/CodeInlineRenderer.cs
@@ -16,7 +16,7 @@ namespace Markdig.Renderers.Roundtrip.Inlines
         {
             var delimiterRun = new string(obj.Delimiter, obj.DelimiterCount);
             renderer.Write(delimiterRun);
-            if (obj.Content is { Length: > 0 })
+            if (!obj.ContentSpan.IsEmpty)
             {
                 renderer.Write(obj.ContentWithTrivia);
             }
diff --git a/src/Markdig/Syntax/Inlines/CodeInline.cs b/src/Markdig/Syntax/Inlines/CodeInline.cs
index 9d0fb0c2..00a524d2 100644
--- a/src/Markdig/Syntax/Inlines/CodeInline.cs
+++ b/src/Markdig/Syntax/Inlines/CodeInline.cs
@@ -3,6 +3,7 @@
 // See the license.txt file in the project root for more information.
 
 using Markdig.Helpers;
+using System;
 using System.Diagnostics;
 
 namespace Markdig.Syntax.Inlines
@@ -17,9 +18,13 @@ namespace Markdig.Syntax.Inlines
         private TriviaProperties? _trivia => GetTrivia<TriviaProperties>();
         private TriviaProperties Trivia => GetOrSetTrivia<TriviaProperties>();
 
-        public CodeInline(string content)
+        private LazySubstring _content;
+
+        public CodeInline(string content) : this(new LazySubstring(content)) { }
+
+        internal CodeInline(LazySubstring content)
         {
-            Content = content;
+            _content = content;
         }
 
         /// <summary>
@@ -35,7 +40,13 @@ namespace Markdig.Syntax.Inlines
         /// <summary>
         /// Gets or sets the content of the span.
         /// </summary>
-        public string Content { get; set; }
+        public string Content
+        {
+            get => _content.ToString();
+            set => _content = new LazySubstring(value ?? string.Empty);
+        }
+
+        public ReadOnlySpan<char> ContentSpan => _content.AsSpan();
 
         /// <summary>
         /// Gets or sets the content with trivia and whitespace.