Growth stocks may not be as popular as they were in the pandemic's early days, but that doesn't mean these companies are all vestiges of a bygone investment era. Some of these once popular growth-oriented companies weren't necessarily supported by the underlying fundamentals needed to sustain long-term, durable growth. 

But there are great businesses whose stocks have been hard-hit that still have strong potential. Here are two such explosive growth stocks to consider adding to your portfolio before the year is out. 

1. Airbnb 

Airbnb (ABNB 2.43%) made its dazzling public debut nearly two years ago when it snagged the title of 2020's largest IPO with a $3.5 billion deal. Shares surged 113% to $144.71 on their first day of trading, but since then, the stock is down by more than 30%.

It's not unusual for companies to face a fair amount of share price -- and financial -- volatility in their early years as publicly-traded entities. And given the headwinds afflicting the travel industry and global economies over the last few years, it's not surprising some investors have shied away from a company like Airbnb.

But Airbnb's recovery has been anything but that of the typical travel stock. Its brief time as a public company hasn't hindered the growth stock from delivering strong financial reports quarter after quarter, leaving many stocks in its industry (and others) in the dust.

In the third quarter, Airbnb reported that even in the current environment, both its revenue and net income reached their highest levels in the company's history. Not only was revenue of $2.9 billion up 29% year over year, its net income jumped 46% to $1.2 billion. The 100 million nights and experiences booked in the quarter also represented a notable 25% gain.

Could a recession affect Airbnb's top and bottom lines? Absolutely ... in the short term. Is it possible some of the growth investors are witnessing stems from pent-up demand in the wake of the pandemic? Yes, but the company's made a habit of reporting financial growth and bullish guidance relative to the pre-pandemic year of 2019, which reveals a business growing quickly in its own right, apart from the pandemic-related recovery.

In the full-year 2021, its revenue jumped 25% compared to 2019 levels, while its net loss shrank from $674 million to $352 million over the same period.  And management is guiding for a 62% to 70% jump in revenue in the final quarter of this year, compared to the fourth quarter of 2019.  

Airbnb's platform has evolved to fit the needs of everyone from the modern traveler to the flex or remote worker. Whether you're a young professional who doesn't need to commute to the city anymore and wants to relocate to the mountains, a solo traveler looking for a quiet place to work on the beach, or a business traveler seeking an ideal spot to base yourself for a few days in a new city, you can find just about any type of stay in nearly any location on Airbnb.

With more people living in Airbnb stays for extended periods -- long-term stays on the platform comprised 20% of total nights booked in the most recent quarter alone -- it's clear this stock isn't relying on typical travel industry tailwinds to drive future growth.  

For investors with a long-term investing horizon, now is an excellent time to consider a position in this explosive growth stock.

2. Etsy 

Etsy (ETSY -2.35%) is another name from the pandemic era that became an instant favorite with growth investors. The stock has declined in recent months as growth moderated, and investors worried about what effect a potential recession could have on the business. But long-term investors would be be remiss to overlook the stock due to these near-term, external challenges.

Despite a non-cash goodwill impairment charge of $1 billion related to acquisitions it made earlier in the pandemic, Etsy still managed to beat Wall Street's guidance in the most recent quarter and set the stage for a favorable close to the year.  

In the first nine months of 2022, Etsy grew its overall revenue 9% year over year, while the third-quarter saw a 12% increase. Even as factors like foreign currency and macro headwinds caused Etsy's gross merchandise sales (GMS) to dip slightly last quarter, this metric was up slightly on a currency-neutral basis.  

Etsy closed the period with about 7.4 million active sellers and 94.1 million active buyers globally. Management noted that in the quarter, "The Etsy marketplace acquired approximately 6 million new buyers, continuing to be a meaningfully elevated rate of new buyer acquisition when compared to pre-pandemic levels."  

It's also worth noting that even as year-over-year comparisons bear out more conservative growth metrics, Etsy's business continues to deliver at an incredible rate compared to pre-pandemic levels. 

Etsy closed the third quarter of this year with 100% more buyers and 223% more habitual buyers on its platform than the same quarter in 2019. Its trailing-12-month GMS per active buyer rose 33% on a three-year basis.  

The core Etsy platform caters to a unique and specific niche in the multibillion-dollar global e-commerce industry that few have been able to penetrate with such success. Estimates show the handicrafts market alone will reach a global valuation of $1.2 trillion by the year 2027.  

The secondhand apparel market, another key aspect of Etsy's family of businesses thanks to its 2021 Depop acquisition, is on track to triple the growth of the global apparel market by the year 2026.  

Etsy's track record of growth has established a strong foundation on which it can continue to build beyond the current challenging environment. Patient investors can benefit from this growth trajectory for many years to come.