High-growth tech stocks have  been extremely volatile lately, with almost unbelievable gains in 2020 giving way to gut-wrenching declines more recently. Yet in the end, it all comes down to whether a company's fundamental business can perform at the level that their shareholders want to see. Even hard-hit stocks can bounce back when their businesses prove themselves to investors.

On Friday morning, we got a perfect example of how this can play out. Two stocks, in particular, had seen declines of 30% to 40% from their recent highs, as investors started to lose confidence in their ongoing growth prospects. Yet earnings reports from both helped to restore that confidence -- and rewarded those who stayed the course.

Below, we'll take a closer look at those stocks and whether they're on track to keep rising from here.

Person standing near stack of servers holding a tablet.

Image source: Getty Images.

Solid Friday stock market gains

Friday morning brought an upswing in the stock market, as market participants were pleased to see that job creation remained at a level that wouldn't require the Federal Reserve to consider boosting interest rates sooner rather than later. As of 11:15 a.m. EDT, the Dow Jones Industrial Average (^DJI 0.01%) was up 156 points to 34,733. The S&P 500 (^GSPC 0.70%) gained 31 points to 4,224, and the Nasdaq Composite (^IXIC 1.10%) picked up 171 points to 13,786.

Sign here for higher stock prices

First up on the earnings front was DocuSign (DOCU -0.68%). The electronic-signature and document-management specialist gave investors just about everything they wanted to see in its first-quarter financial report.

DocuSign's numbers showed the ongoing growth that the company has been able to produce. Total revenue jumped 58% from year-ago levels, accelerating from growth rates in recent quarters. DocuSign's subscription-based business more than pulled its weight during the period, seeing a 61% rise in segment sales. Earnings of $0.44 per share on an adjusted basis came close to quadrupling year over year.

Moreover, DocuSign doesn't see the good times ending anytime soon. The company boosted its guidance for the full year, expecting top-line gains of as much as 40% compared to last year's sales. The outlook takes into account DocuSign's excitement about its Agreement Cloud and Notary releases, as it preserves its ongoing leadership role in the contract lifecycle-management space.

Worries about the impact that COVID-19 vaccinations might have on its business had sent DocuSign stock down almost a third from its recent highs earlier this year. Today's gains don't get DocuSign's stock back to record levels, but it's a step in the right direction as the business continues to demonstrate its resiliency.

Mongo gains for MongoDB

Meanwhile, shares of MongoDB (MDB -1.53%) picked up almost 10%. The database specialist also got rewarded for a healthy first-quarter financial report that confirmed its ability to keep growing under ever-changing conditions.

MongoDB continued to capitalize on digital-transformation efforts. Total revenue rose by 39% in the first quarter, compared to the year-earlier period, with particularly impressive 73% gains for its Atlas database-as-a-service offering. Losses widened from year-ago levels, but MongoDB managed to bring in positive free cash flow for the quarter.

Fundamentally, MongoDB is pulling out all the stops. Partnerships with major cloud-services providers are paying off well, and MongoDB has been hiring heavily to meet demand. New collaborations with cloud providers in Korea and Europe are making the company truly global in scope.

Investors shouldn't count on MongoDB becoming profitable in the near future, though. The company's full-year outlook still includes a significant loss, even on an adjusted basis. Nevertheless, that didn't weigh on shareholder sentiment as sales continue to pick up steam.

Don't count growth out

Growth stocks are always volatile, and they can decline sharply when conditions shift. However, MongoDB and DocuSign are making their cases for why their businesses still look attractive, and smart shareholders will take note.