For all the challenges we've faced over the last two years, 2022 has real potential to increase uncertainty. The Federal Reserve is hinting at interest rate increases that could slow stock market performance, and we're entering the new year with COVID-19 once again front-of-mind thanks to a new variant. 

Buying a broad basket of companies might not be a favorable approach in the short term. Rather, careful stock selection could be the key to unlocking strong returns in 2022.

These two attractive stocks could supercharge your portfolio, and they might be worth buying right now. 

A person working from home on a laptop while watching over their children. It signifies the hybrid work environment.

Image source: Getty Images.

1. The case for Workiva

Earlier this year, major consulting firm PricewaterhouseCoopers announced that 40,000 of its staff could work remotely on a permanent basis. Tech ride-hailing giant Lyft just told its employees they can work from home until 2023. And Wall Street firm Jeffries has sent its Manhattan-based staff home after a COVID-19 outbreak in the office. 

For some organizations it's temporary, and for others it's permanent, but the way we work is changing. That's why innovative technology companies like Workiva (WK -1.51%) are critical because they make change possible

Workiva offers the ultimate data unification platform, pulling information from a multitude of different applications into one place to make all kinds of reporting simple. If you're the manager of a remote team, and that team works across platforms like Salesforce and Alphabet's Google Cloud, for example, tracking workflows can be difficult. 

By aggregating data using Workiva, you get greater visibility and you're able to prepare critical reports like Securities and Exchange Commission (SEC) filings -- all in the one place. The platform now supports over 350 different SEC forms, and it's why 8 of the world's top 10 banks use it. 

In the recent third quarter, Workiva raised its 2021 revenue guidance to $439 million, which would represent 24.8% growth compared to 2020. But while the company's customer base grew at 15% year over year, the number of its highest-paying customers -- who spend $150,000 per year or more -- grew by 41%. 

Workiva's top customers by expenditure are far outpacing the rest in terms of growth, which signals that perhaps more large organizations are adopting work-from-home, or hybrid, work models. This could play right into Workiva's hands in the new year, especially if the pandemic flares up again.

A low angle view of a person snowboarding mid air.

Image source: Getty Images.

2. The case for GoPro

GoPro (GPRO 3.36%) has flown under the radar over the last couple of years, but that hasn't always been the case. After listing publicly in 2014, its stock quickly doubled to nearly $87 a share before trending down until 2020, when it hit rock-bottom at $2.29 a share. The company failed to generate meaningful growth as it struggled to expand beyond its one-dimensional action camera business. 

But that has now changed. While GoPro is still the leading action camera hardware company -- and innovating more than ever before -- it has recently built a highly profitable subscription business. Its loyal customers can now unlock benefits that include exclusive product discounts, unlimited cloud storage, and live streaming direct from their GoPro device; all for just $49.99 per year. 

In the recent third quarter, GoPro had 1.34 million paying subscribers, up from 501,000 the year before for 167% growth. Subscription revenue also more than doubled to $14.2 million for the quarter, but the best is yet to come. In 2022, the company estimates it will generate $90 million in revenue just from subscriptions alone, and since subscriptions have a gross margin as high as 80%, much of that could flow to the bottom line. 

It's not the only thing GoPro is doing to rapidly improve profitability. Historically, the company has sold its cameras through some of the world's largest retailers, but now it's adopting a direct-to-consumer approach, where it's able to keep a larger portion of the profits. It facilitates this through the GoPro.com website, which now accounts for over 35% of all the company's sales. 

GoPro's stock is cheap by most metrics. The company is on track to deliver $0.84 in earnings per share for 2021, and with a share price of $10.76, that's a price-to-earnings multiple of 12.8. By comparison, the broad Nasdaq 100 technology index trades at a multiple of 34, so GoPro has a lot of room to rise to catch up. 

GoPro is a turnaround story worthy of recognition, and investors have an opportunity to get in on the ground floor as the company embarks on a journey to reclaim its former glory.