Investors have been dropping growth stocks like hot potatoes for several months now. The economy continues its ride into volatility, and investors are looking for safer opportunities with value stocks.

If you have enough of a time horizon to wait out what has already dipped into bear market territory, you can use these dramatic price drops to buy excellent stocks at steep discounts. Two that I recommend are Airbnb (ABNB -1.04%) and Revolve Group (RVLV -1.79%).

Airbnb: down 32% over the past year

Airbnb was a stock market darling when it went public almost two years ago. But even as it recovered from pandemic declines, its skyrocketing stock price plummeted along with the market. 

The recovery has been robust. Second-quarter revenue increased 58% to $2.1 billion, well above pre-pandemic levels. The company has posted several quarters of positive net income, demonstrating that it can be profitable at scale. Management has been able to nurture it from a small, rent-a-room venture into one of the largest travel companies in the world -- and certainly one of the fastest-growing. 

Airbnb looks like a compelling stock to own because of its future opportunity. It has changed how people vacation by offering a large range of vacation rentals, and its model as a platform gives it an asset-light business that's agile and adaptable. Much of its success over the past two years was powered by local and long-term stays (of 28 days or more),features that the traditional hotel industry has a hard time matching.

Management is guiding for growth to slow down in the third quarter but to remain healthy at around 26% year over year. As Airbnb expands, it's focusing on efficiency and profitability,which is definitely a litmus test for how well a growth company can sustain itself and offer value for shareholders.

At this price, shares are trading at 41 times forward earnings. That would have seemed like a cheap valuation for a growth stock last year, but in today's market, that multiple looks more expensive. Still, the share price is up after bottoming out in June, and investors may think it's already gotten the beating it deserved. Down 32%, this looks like an opportunity for forward-thinking investors.

Revolve Group: down 70% over the past year 

Revolve Group was posting fabulous growth as more shoppers discovered its unique online presence during the pandemic. That's been slowing down as shoppers go back to stores and inflation makes everything more expensive.

Still, it posted an impressive 27% year-over-year sales increase in this year's second quarter with $16 million in net income. The third-quarter guidance was somewhat pessimistic. Management reported that July sales increased 10% over last year and that year-over-year comparisons were only going to get tougher as last year's third- and fourth-quarter sales increases were exceptionally high.

However, management remains confident that in the long term its model is resonating with its target market and it's capturing market share in a growing industry.

Like Airbnb, Revolve Group is a disruptor in its field. It sells high fashion completely online, and it relies on artificial intelligence to drive all of its operations, specifically the collection it curates. It boasts 70,000 fashion products, and it can easily change up its assortment based on customer interest -- in contrast to physical stores with heavy inventory. Zooming in on customer preferences also allows it to make more full-priced sales and achieve greater profitability.

The other feature that differentiates its model is the connection with celebrities and influencers. It has an influencer marketing program that fits neatly into its millennial and Gen-z audience targeting, reaching customers exactly where they are. Beyond that, the company offers all the perks that a competitive e-commerce player should, such as fast and free shipping and returns, including free international shipping for orders over $100.

Investors see problems, but there are many growth signs. There were 124,000 new active customers in the second quarter, a record for a second quarter. That was a 39% increase over last year. Average order value increased 19%, and total orders placed increased 27%. Management attributed operating margin pressure to higher fuel costs affecting shipping rates and a higher-than-expected return rate. It also said that a "significant majority" of new customers bought at full price; these customers generate higher lifetime value than those acquired through markdowns.

It does look like the situation could remain bleak for Revolve over the next few months, but the long-term potential here looks very compelling. At this price, Revolve Group stock looks like an incredible opportunity.