To build a profitable portfolio, you don't need to find a needle in a haystack. Instead, building a consistent pattern of investing in high-quality companies in both up and down markets and diversifying your portfolio across a variety of businesses and industries can help you build upon and sustain returns over the long run. 

If you're looking for businesses to add to your portfolio before the end of the year with explosive growth potential, you've come to the right place. Here are two such stocks to consider hitting the buy button on before 2023 comes around the corner.

1. Chewy

While many investors are searching for companies with recession-resilient qualities in the current environment, they might overlook the first stock on today's list. Chewy (CHWY 0.23%), a leader in pet products and services, represents a highly diversified and fast-growing business that taps into a consistent source of consumer spending. Although consumers may scale back on certain purchases in the event of a recession, they will continue to spend money on their pets. 

According to a study by Morgan Stanley, pet-owning households in the U.S. will spend an average of $1,897 per pet by the year 2030, compared to the expected level of $1,320 per pet in 2025. Bear in mind that pet spending totaled $124 billion in the U.S. in 2021 alone, with the average dog owner spending $1,480 while cat owners spent $902 on average.  

While certain pet items may see a decline in sales in the event of a recession, Chewy's platform encompasses a wide variety of needs. Whether someone is looking to connect with a licensed veterinarian to discuss concerns about their pet's health condition, is in need of quality pet health insurance plans, or is simply looking for a wide assortment of food, supplies, and toys, Chewy sells it all. 

In the most recent quarter, its revenue jumped 15% from the year-ago period to $2.5 billion. The company also recorded a net income of $2.3 million for those three months, its first quarter as a profitable company, while its net margin jumped 160 basis points year over year. This follows the trailing five-year period, during which Chewy's annual revenue has jumped by 322%.  

Given the fast pace of consumer spending within the broader pet products industry, Chewy has a tremendous opportunity to capitalize on these tailwinds and capture tremendous volume in consumer dollars in the years ahead.

This could also pose a compelling buying moment for long-term investors who have the risk tolerance to ride out the immediate mayhem that the market is dishing out for growth stocks at the moment. 

2. Bumble

Even as a newer entrant to the highly competitive dating space, Bumble (BMBL 1.95%) has quickly expanded its market share while growing its family of apps into a formidable contender against the likes of well-known rivals like Match Group

The global online dating market is valued at approximately $10 billion as of 2022 but is expected to expand at a compound annual growth rate of 7% in the years ahead to reach a total valuation of $16 billion by the year 2030.   

While Tinder remains the most-downloaded dating app, Bumble snags the No. 2 spot. With its dating apps Bumble and Badoo, the company accounts for roughly 30% of the dating app market in the U.S. alone.  

Over the trailing 12 months, Bumble has grown its revenue by a solid 14%, while its cash from operations has risen by approximately 60%. In the most recent quarter, Bumble's total revenue jumped 17% year over year to $233 million, driven by a nearly 30% increase in revenue derived from the Bumble app alone.  

The company also reported net earnings of $26 million compared to a $10 million net loss in the prior year's quarter. And total paying users across its family of apps hit the 3.3 million mark in the third quarter, compared to 2.9 million a year ago.

The market has pummeled shares of Bumble since its initial public offering in 2021. However, the company's growing market share and increasingly favorable financials may pose a strong buying proposition for investors searching for a discounted stock with explosive potential in the years ahead.