Amazon (AMZN -2.56%) reported better-than-expected second-quarter earnings on July 28, beating multiple forecasts set by Wall Street. The company's shares soared 24% from July 26 to Aug. 18 as bullish investors put their faith in it.

However, Amazon's stock still has room for growth, with two of its recent acquisitions looking especially promising.

Genius reason No. 1: 

Amazon went on an acquisition spree between July and August, with its first purchase being subscription-based healthcare company 1Life Healthcare (ONEM), known as One Medical, for approximately $3.9 billion. The buyout will see Amazon venture into healthcare, an industry the company has been eyeing for some time. The acquisition might be a match made in heaven, considering One Medical's mission and Amazon's unique resources, which will undoubtedly boost the company. 

As described in Amazon's press release on the acquisition, "One Medical combines in-person care in inviting offices across the country with digital health and virtual care services." Telehealth services soared in popularity throughout the worst of the pandemic, with virtual healthcare company Teladoc Health's stock seeing a significant rise. However, the health stock's nosedive of 65.4% year to date could be Amazon's gain. 

If the purchase is successful, Amazon will take control of One Medical's almost 200 locations and roughly 770,000 patients nationwide -- a significantly larger reach than Teladoc. Additionally, Amazon has the chance to incorporate its own technologies, such as unmatched delivery infrastructure and an established subscription service with over 200 million members worldwide. Breaking into the healthcare industry might not come easy, but it seems that Amazon is more than capable of succeeding in its health endeavors. 

Genius reason No. 2: 

On Aug. 5, Amazon announced plans to acquire consumer robotics company iRobot (IRBT -0.14%), the result of a deal valued at approximately $1.7 billion. Compared to One Medical, the purchase is arguably less risky and fits nicely into the company's current product lineup. 

Amazon has gradually pushed into the smart-home industry over the years with its line of Alexa-enabled products, such as smart speakers, alarm clocks, thermostats, and security cameras. In addition to iRobot's incredibly popular robot vacuums, Amazon's purchase of the company also brings on its team of consumer robotic experts who have the potential to boost the company's range of smart products as a whole and strengthen its hold on the growing industry.

Moreover, Amazon has turned Alexa into a multibillion-dollar business through its smart devices and app store, called Alexa Skills. Developers have flocked to create various Alexa Skills, from which Amazon keeps 30% of the profits. In 2019, analysts estimated Amazon generates $2 billion a year from Alexa skills, with the company keeping $600 million. The acquisition of iRobot only increases the variety of smart products and Alexa Skills the company could offer, which could pay off in a big way for Amazon. 

An opportunity for investors

Although Amazon's stock has soared since July, it still remains down at least 24% since the height it reached in November 2021. In addition to its recent acquisitions, the company has several promising opportunities on the horizon that should excite investors. Amazon's advertising endeavors have proven especially fruitful for the company as the segment has generated $33.9 billion of revenue over the last four quarters, and the company is getting ready to dive deeper into the industry.  

Amazon has some exciting developments coming to its streaming service Prime Video in September, such as exclusively broadcasting NFL's Thursday Night Football and the premiere of its highly anticipated Lord of the Rings series, The Rings of Power. Both content additions have the potential to pull in millions of viewers, while Thursday Night Football can also further the company's already successful advertising endeavors. 

Amazon has a bright future ahead, and investors should be bullish about its stock as its promising outlook makes it an excellent long-term buy.