Growth stocks may not generate the same returns for investors as they did in the earlier days of the pandemic. However, great companies are still making strides even in the current market and macro backdrop. It's important to understand that much of the supercharged growth many companies saw during the pandemic peak was not only an anomaly against the backdrop of a longer lookback period but also not likely to have been sustainable long term.

As a long-term investor, it's important to look beyond stock price. Ensure that the underlying company you buy is backed by a quality business with a long-term competitive advantage. Consider how the business's financials and position in its respective market give it a runway to grow over a prolonged period.

Here are two such companies you may want to consider for your buy list right now if you have $1,000 to invest.

1. Pinterest

Pinterest (PINS 4.04%) has had a turbulent few years following the height of the pandemic and the supercharged period of growth it experienced. Still, the image-search-and-share platform continues to demonstrate that while its business may have been down in recent quarters, it appears to be anything but out.

Pinterest is known for its user-friendly free website and app that allow you to search for inspiration on just about any subject and save "pins," which could be images or videos, to online vision-style boards for later reference. The ingenious aspect of Pinterest's layout is that nestled among these regular "pins" are images and videos that are actually paid advertisements.

Businesses of all sizes pay Pinterest to advertise their products and services to the roughly 482 million global users this platform has garnered to date. While a difficult macro environment and poor growth comparisons to the lockdown era have slowed the trajectory of ad spend and user expansion, these figures are slowly but surely beginning to right themselves.

In the most recent quarter, Pinterest grew its global monthly active user count by a healthy 8% year over year while revenue popped 11% from the year-ago period to $763 million. Pinterest's global average revenue per user was up 3% year over year. Broken down by region, average revenue per user surged 5% in the U.S. and Canada, 26% in Europe, and 16% across the rest of the world.

And where Pinterest reported a net loss of about $65 million in the third quarter of 2022, it pulled in net income of $7 million in the third quarter of 2023. While companies may still be cautiously spending advertising dollars, few brands of any size can survive long in the digital age without a meaningful online presence.

Pinterest's image-based platform offers a unique value proposition to merchants looking to advertise as users eagerly peruse the platform, looking for inspiration and are directed to targeted ads that align with those search results. The company's financials look to be steadily moving back in the right direction, too. Investors may want to consider scooping up even a few shares of this high-potential business.

2. Fiverr

Fiverr (FVRR 3.74%) continues to capitalize on the shifts within the global gig economy. These shifts have been influenced by factors including the rising popularity of freelance work, the changing needs of the brands and businesses that hire freelancers, and technological trends, like artificial intelligence, carving out new digital economy sectors ripe for disruption.

Management's ability to recognize these shifts and maximize the company's growth potential from them is not only bringing in steady revenue growth and cash generation but also, as of the recent quarter, a turn to generally accepted accounting principles (GAAP) profitability. In the first nine months of 2023, the company raked in revenue of $270 million, a 6% bump from the same period in 2022.

Also, during those nine months, Fiverr saw operating cash flow jump 171% year over year to $56 million. The company brought in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $43 million in those nine months, roughly 187% higher than reported in the same stretch last year. Fiverr also reported a net income of $3 million in the third quarter of 2023, compared to the net losses of $0.2 million in the prior quarter and $11.4 million in the year-ago quarter.

There is certainly room for multiple players in the gig workspace. However, Fiverr differentiates itself by introducing new business lines designed to maximize revenue inflow, pointing buyers to premium freelance services and attracting larger brands and businesses to the platform. For example, the company has been focusing on driving more buyers to Fiverr Pro, which comprises vetted freelancers with specialized skills, naturally drawing higher rates per gig.

The company also recently launched Fiverr Certified, a program that allows tech companies to build their own network of freelancers on the platform. Those freelancers go through that tech company's unique certification process to provide services specific to their business clients. The continued adoption of services like Fiverr Pro and Fiverr Certified drove up average spend per buyer by $6 sequentially in the most recent quarter.

It's also worth pointing out that Fiverr's take rate is rapidly rising. Right now, that take rate of transactions stands around 31.3% compared to 30% one year ago, 28.4% two years ago, and 27% three years ago.

Demand for gig workers isn't going anywhere, and even the rising prevalence of technology like generative AI requires skilled freelancers to deliver the final product. Long-term investors may want to capitalize on Fiverr's approach to the freelance economy sooner rather than later.