There's no telling what the market has in store for investors in 2023. But as a long-term investor, you don't need a crystal ball or some uncanny ability to predict the future. Regardless of what the market may bring about in the near term, wonderful companies with strong core businesses can see share prices rebound over the long term.

This reality makes the current market, abundant with discounted stocks across all sectors, a particularly attractive opportunity for investors with the cash on hand to continue building out their portfolios. Past bear market periods have proven to be some of the most fortuitous occasions to invest in stocks. Often, these windows present unique opportunities to buy stocks on sale that sometimes aren't repeated for five to 10 years or more. 

Today, we're going to look at two top stocks, both of which are trading around 52-week lows and have considerable growth runway left ahead. Let's dive right in.  

1. Pinterest

Pinterest (PINS 0.02%) has witnessed a slowdown in growth in recent quarters as unfavorable comparisons to the height of the pandemic, a pullback in advertiser spending, ongoing investments to build out its long-term business potential, and ongoing foreign currency weaknesses have impacted its top and bottom lines. This has largely driven the stock's roughly 36% decline over the trailing 12 months. Still, the most recent quarter saw the company grow its revenue by 8% year over year on a currency-neutral basis to $685 million, while global monthly active users on the Pinterest platform hit the 445 million mark, up by roughly one million from the year-ago period.  

Even as the company reported a net loss for the quarter, its still reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $77 million dollars for the three-month time frame. It's also important to note that even as global monthly active user growth has been more muted in recent quarters, Pinterest is still monetizing its active user base incredibly well. In the most recent quarter alone, global average revenue per user (ARPU) was up 11% year over year. This growth was driven by a 15% increase in ARPU in the U.S. and a 38% bump in ARPU from markets outside of the U.S. and Europe.

It's also worth noting that Pinterest is still seeing strong growth in comparison to pre-pandemic levels. Over the trailing three years, Pinterest has seen its global user base jump 11%, while its revenue has increased 35% on a three-year compound annual growth rate basis. Management has noted that this steady pace of growth has been catalyzed by its ads business, which is how Pinterest monetizes its platform.  

Pinterest remains a highly attractive advertising vehicle for brands around the world and across all industries. The platform's visually appealing layout creates an ideal landscape for companies to create targeted ad campaigns that will capture the attention of potential customers when they're simply browsing for inspiration and provide a solution to whatever product, service, or idea they're seeking. And even with a slowdown in ad spending by merchants, Pinterest still reported that shopping ads revenue on its platform grew 50% year over year in the third quarter alone.

Over the next five to 10 years, the power of Pinterest's ad-based business can continue to provide untold value for merchants, which can be a key catalyst for growth as ad spending recovers. Given the tremendous potential that holds, investors may find that Pinterest's current discounted price is simply too good to overlook. 

2. Microsoft

Microsoft (MSFT -0.18%) has seen shares fall by nearly 30% over the past year, even as its business has remained highly profitable and continued to mark solid growth on the top line. The wave of negative investor sentiment against growth-oriented stocks, and tech businesses in particular, has been the distinctive headwind afflicting shares of Microsoft rather than any jarring updates specific to the business itself. 

Microsoft's highly diversified business has carried it through many a market storm. The company is known for products like its 365 productivity software, Windows operating system, Teams conferencing software, Surface PCs and laptops, Xbox, and Azure cloud infrastructure platform.

The tech giant also boasts a fast-growing advertising business, which recently crossed the $10 billion revenue goalpost. Each of these business lines of services and products represents vast, multibillion-dollar (or in some cases, multitrillion-dollar) addressable market opportunities in which Microsoft remains a key, if not growing, presence. 

For example, the company is the second-largest cloud infrastructure provider in the world, second only to Amazon. As of the most recent quarter, Microsoft captured 21% of all cloud infrastructure revenues generated globally. This industry alone -- one of many lucrative markets in which Microsoft operates -- is on track to hit a valuation of $1.6 trillion by the year 2030.  

Over the trailing decade, Microsoft has seen its revenue increase by 156% while its earnings have grown by an incredible 233%. And in that same 10-year period, Microsoft delivered a total return of 966% to investors who stayed with the stock. The most important point here is that Microsoft's business remains on rock-solid footing, and its share price simply reflects the market sentiment at large. Given the strength of this powerhouse tech business, there's no reason that shares can't recover and keep delivering generous returns in the years ahead.