The internet has so completely changed our way of life that it's often easy to forget it's only about 30 years old. Indeed, the internet has altered entertainment, finance, and commerce in countless ways over the last few decades.

Let's examine two internet growth stocks I believe are worth considering right now.

MercadoLibre

First up is MercadoLibre (NASDAQ: MELI), a fast-growing e-commerce company focusing on the Latin American market.

While MercadoLibre might not be a household name in the U.S., the company is an absolute giant throughout Latin America. Last year alone, it generated over $7.5 billion in Brazil, $3.2 billion in Argentina, and nearly $3 billion in Mexico. Like other successful e-commerce companies, MercadoLibre has built a vertically integrated logistics network that helps it deliver products quickly and cheaply.

In addition to its e-commerce business, MercadoLibre offers payment services through its Mercado Pago segment. With many Latin American consumers either unbanked or underbanked, Mercado Pago fills an important niche, helping provide digital banking solutions to customers throughout the region.

Financially, the company's strong revenue growth is one of its greatest assets. As of its most recent quarter (the three months ending on June 30, 2024), the company reported revenue of $5.1 billion, representing an astounding year-over-year revenue growth rate of 42%.

Indeed, over the last three years, trailing 12-month revenue for the company has nearly tripled, from $6.3 billion in 2021 to over $17.4 billion.

Crucially, analysts expect MercadoLibre's growth to continue well into the future. Latin America, as opposed to Europe, the U.S., and Canada, has yet to fully embrace online shopping. However, data makes it clear that the region is adopting the practice.

In turn, consensus estimates are for MercadoLibre's current year sales to rise to $20.1 billion -- up 39% from last year. For 2025, analysts expect the company to generate nearly $25 billion in sales -- a year-over-year increase of almost 24%.

Thanks to that red-hot revenue growth and the secular trend supporting it, investors should take a hard look at MercadoLibre stock.

Amazon

As the undisputed leader of e-commerce, Amazon (NASDAQ: AMZN) relies on, and continues to strengthen, its enormous advantages within the industry.

Take Amazon's logistical network, for example. Starting during the pandemic's height, the company invested heavily in its supply chain. In just two years, the company embarked on an expansion that eventually doubled the size of its fulfillment network. Moreover, by switching from a national to a regional model based around nine geographic hubs, Amazon has cut delivery times. That makes it faster and easier for the company's 200 million Prime members to get their packages as quickly as possible.

Of course, Amazon is more than just an e-commerce company. In addition to that business, Amazon runs the largest cloud services business in the world (Amazon Web Services). On that front, business is booming as organizations continue to shift resources to the cloud. What's more, AWS should benefit further from the rise of artificial intelligence (AI) applications, as many developers partner with AWS for the use of virtual machines, data centers, or other support.

Accordingly, analysts expect Amazon's sales to continue to rise -- despite its already gargantuan yearly sales total. Over the last 12 months, Amazon has generated over $600 billion in sales, or roughly $1.6 billion per day. Yet, looking ahead, consensus estimates are for Amazon's sales to increase to $634 billion in 2025 -- an increase of about 11% year over year.

Amazon's enormous size isn't slowing it down. In fact, the company is leveraging its economies of scale as its sales continue to grow swiftly. Investors looking for an internet growth stock to buy and hold should consider Amazon.

Should you invest $1,000 in Amazon right now?

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Jake Lerch has positions in Amazon and MercadoLibre. The Motley Fool has positions in and recommends Amazon and MercadoLibre. The Motley Fool has a disclosure policy.

2 Millionaire-Maker Internet Growth Stocks was originally published by The Motley Fool