Great stocks can be lucrative for investors, but they can also be a tale of swings. The past few years have been a prime example. When growth stocks were in a bull run, it seemed like the stock market was printing money. Then, in 2022, many saw their values slashed in half, by three-quarters, and even by 90% in some cases.

That's the reality of growth stocks in the short term, but there's a lot of potential in the long term. For investors who can stomach the volatility, here are two growth stocks I feel comfortable buying and holding forever.

1. Shopify

It has been a great 2023 for Shopify's (SHOP 5.49%) stock, up over 70% year to date. And although the company is still down over 60% from its November 2021 highs, brighter days should be ahead.

Shopify's lackluster 2022 can be attributed to macroeconomic conditions, with high inflation slowing down consumer spending (especially on non-essential items that Shopify's merchants tend to sell). The company seems to be gaining some of its mojo back, though.

Its $1.5 billion in revenue and $116 million in monthly recurring revenue (MRR) in the first quarter were up 25% and 10% year over year, respectively. MRR is important for subscription-based companies like Shopify because it's stable and predictable revenue the company can count on.

I'm now more bullish on Shopify because it's trimming down its business and refocusing on its e-commerce software offerings. After buying logistics company Deliverr for $2.1 billion in May 2022, Shopify announced in May 2023 that it was selling the business to Flexport for 13% equity in the company.

Shopify had big logistics ambitions, but Deliverr was weighing down the company's gross profit margin. Logistics is an industry that usually requires large volumes to be worth the effort, and as a software company at heart, it seems it wasn't worth the resources for Shopify.

Although Shopify will take an initial monetary hit from the sale (around $170 million in stock-based compensation), this refocus is the correct long-term move.

2. Roblox

If you've never heard of Roblox (RBLX -0.45%), ask a kid in your family if they have, and there's a very good chance they'll say yes. Roblox is an online gaming platform that lets users explore and play countless games in 3D worlds. Its stock is down over 40% since its March 2021 initial public offering, but has rallied in 2023, up over 43% year to date.

Roblox's Q1 earnings received mixed signals because the company missed earnings, but other metrics were encouraging. Specifically, the company's user growth and engagement, which I believe are much more important metrics for Roblox at this growth stage.

In Q1, Roblox had 66.1 million daily active users (DAUs), up 22% year over year and 12.4% from the fourth quarter of 2022. This was a good sign since DAU growth was less than stellar in 2022.

Chart showing Roblox's daily active users each quarter from Q1 2020 to Q1 2023.

Image source: Roblox

Users also spent 14.5 billion hours on the platform in Q1, which may not be the best news for parents, but it's a positive sign for Roblox. Roblox primarily makes money selling its virtual currency, Robux. The more time users spend on Roblox, the more likely they are to buy Robux and other purchases.

One of the bigger long-term concerns investors may have about Roblox is how the user base will hold up as users get older, but so far, it has been improving. Users between the ages of 17 and 24 were also the fastest-growing DAU segment in Q1, up 35% year over year.

Roblox knows it needs to appeal to a wider range of ages for long-term sustainability among competitors like Microsoft's Xbox and Sony's PlayStation consoles, and the company seems to be taking active steps to make sure it does.

Roblox is priced as a growth stock, so it isn't "cheap" per se, but it's cheap enough to still have a high long-term upside.