Earnings season is here, with countless stocks on the move. Companies are reporting their performance over the past three months, with many continuing to feel the effects of last year's economic downturn. However, poor market conditions won't last forever. Inflation has eased every month for the past year, rising just 0.2% from May to June. And the improvement is starting to be reflected in the earnings of e-commerce sales.

However, consumer spending on tech has continued to falter. As a result, it's crucial to keep a long-term perspective when investing and choose companies with a solid history of growth. Doing so can safeguard your investment against temporary headwinds and provide gains over time. Here are two growth stocks to buy now. 

1. Apple

Apple (AAPL 2.14%) shares have tumbled 9% since Aug. 1 after the company reported declines in several of its product segments in the third quarter of 2023. The company's iPhone, Mac, and iPad segments experienced slips in revenue and brought total revenue down by 1% year over year.

The challenging quarter aligns with broader market conditions as U.S. smartphone shipments fell 24% and global PC shipments tumbled 13% in Q2. Apple has largely outperformed its peers in these sectors. However, it will likely take time for it to begin seeing product growth again -- that is, unless its coming releases, such as its iPhone launch in September, can bolster sales. 

Despite the recent declines, Apple's annual revenue has risen 68% over the past five years, with operating income rising by 48%. Meanwhile, its stock has climbed 242% in the same period, more than those of tech companies such as Microsoft and Alphabet. Apple's history of growth and dominance in tech indicate it won't be down for long, making it an attractive growth stock to add to your portfolio this month.

With its booming services business that reported revenue growth of 8% year over year in Q3 2023 and a growing push into artificial intelligence (AI), Apple shares are an excellent option for anyone seeking a long-term investment. 

2. Amazon

Amazon (AMZN 1.43%) has had a challenging few years, to say the least. The company's stock soared to record heights during COVID-19 lockdowns in 2021 as homebound consumers bought online goods in droves. However, macroeconomic headwinds in 2022 brought steep declines in Amazon's e-commerce earnings, made worse by comparisons to the previous year. As a result, the company's revenue has risen 121% over the last five years, but operating income has declined 2%. 

However, Amazon's recent quarterly results suggest its retail business is back on a growth path. In Q2 2023, the company's North American segment hit $3 billion in operating income after reporting a negative $627 million in the year-ago period. The period represents the second consecutive quarter of the segment achieving profitability, with its international retail business also seeing continued improvements. The positive results have sent Amazon's stock rising 8% since its earnings release on Aug. 2.

Investors are increasingly bullish about Amazon's recovering e-commerce business and its quickly expanding position in artificial intelligence. Since June, the retail giant has unveiled several new AI tools to its cloud service, Amazon Web Services (AWS), and announced a venture into chip development which will see it take on Nvidia. AWS is the world's largest cloud platform, giving it an edge in the high-growth market. Meanwhile, an expansion into chips diversifies Amazon's role in AI and could see it profit significantly from the long-term development of the market. 

Amazon's stock has risen 47% over the last five years. That figure may not be as impressive as Apple's five-year growth, but its current price remains 34% below the all-time high of $186 it hit in July 2021. The company has massive growth potential over the next year as it benefits from a recovery and a developing AI business, making its stock a strong buy this August.