Shares of Roblox (RBLX -1.95%) and Chewy (CHWY -2.23%) were punished for slowing revenue growth last year, but these former stars were never out of the race. These companies serve large markets that should lead to plenty of long-term growth.

On that note, Roblox and Chewy recently reported accelerating revenue to start 2023, and their stock prices are on the move again. Here's why you should consider buying these two growth stocks before better news sends them higher.

1. Roblox

Following a slowdown in the gaming industry last year, Roblox has now posted three straight quarters of accelerating growth. In the most recent quarter, bookings -- a non-GAAP (adjusted) measure of revenue -- accelerated to a growth rate of 23% over the year-ago quarter, and the stock has responded, rising 40% year to date.

Roblox has been a hot stock in the metaverse conversation over the last few years. The platform allows users to socialize with other players while playing games, attend virtual music concerts, and enjoy many other types of experiences. Users can play for free or purchase premium content add-ons using the Robux virtual currency, which is how Roblox makes money.

Daily active users were up 22% year over year in the last quarter, reaching an all-time high of 66 million. Roblox continues marching toward the goal of 1 billion people using its platform over the long term. 

Another reason to like the stock right now is management's outlook for profitability. Roblox generated over $100 million in free cash flow in the quarter, so it's technically a profitable business, despite reporting an adjusted loss in earnings per share last year. But management sees bookings growing faster than the rate of increase in compensation and infrastructure expenses by early next year. Analysts expect Roblox to grow earnings per share by 23% annually over the next five years, which could support a climbing share price.

The stock still trades down 71% off its all-time high a few years ago. With growth accelerating and the stock selling at a heavily discounted price, now would be a great time to consider starting a small position.

2. Chewy

Chewy is the leading online pet store, positioning the company in a $97 billion online pet care market in the U.S. alone. The stock is up 25% over the last week after reporting better-than-expected earnings results. While investors recognize Chewy's attractive business model of selling everyday essentials to pet owners, the business posted sluggish sales performance last year and it weighed on the stock. But the recent quarter shows sales starting to stabilize, which could point to a recovery in the stock over the next year and beyond.

The stock is currently flat on the year but jumped 25% following the company's recent earnings report.

Sales increased 15% year over year in the fiscal first quarter, a slight acceleration over the previous quarter. Management noted that customers are not trading down to cheaper goods when shopping, which is helping the bottom line.

Gross margin (sales minus cost of goods sold) improved by less than one percentage point, which lifted the company's net profit. Chewy reported a net profit of $22 million, up from $18.5 million in the year-ago quarter. Management credited the increase to fewer promotional sales and greater leverage of transportation expenses. The lower rate of discounting to move goods is a good sign that consumer demand is firming up, at least for Chewy.

Moreover, there was notable strength in pet healthcare, which is also a good sign because it points to increasing customer loyalty. Offering ancillary services for pet owners besides just toys and food is a key part of Chewy's strategy to build a strong brand that drives consistent sales performance over the long term. 

It's clearly starting to take hold, making now a good time to consider buying the stock, especially with the shares still almost 70% off their previous highs.