In just a matter of days, an earnings event is very likely to jolt Block (NYSE:SQ) stock higher. The time to consider an investment in Block is right now as the company continues to grow and innovate, and is bound to overcome Wall Street’s low expectations.

Block is known for pioneering Square, Cash App and other point-of-sale platforms. Plus, Block is cryptocurrency-friendly. For instance, the company is partnering with African crypto exchange Yellow Card to “facilitate cross-border payments between 16 countries in Africa.”

Granted, Block didn’t impress analysts and investors with its previously released financial results. That’s fine, though, as there’s a prime setup for a Street beat, and it’s not too late to buy a few shares of SQ stock.

Block Makes Square Even More Powerful

Block already upended the payments-platform space with the Square app. Now, the company is making Square even more powerful with nearly 100 new features.

Primarily aimed at sellers, the new and improved Square includes:

• Waitlists, which automates waiting lists for appointment slots and services
• Subscriptions, which “enables online buyers to subscribe to items or services on a recurring basis”
• OpenTable and Square for Restaurants integration, designed to facilitate efficient restaurant dining-room management
• Batch Invoices that allow sellers to “send the same invoice template to multiple customers at once”
• More options and control for online and omni-channel sellers with Busy Mode, Pre-orders and Pause Online Orders features

I could keep going for a long time, but you get the idea. On top of all that, Square just launched its Tap to Pay software on Android for sellers in the U.K. This allows sellers to “securely accept contactless payments with a compatible Android device, and at no additional cost.”

SQ Stock Has Rocket-Ride Potential on May 4

Clearly, Block hasn’t slowed down as the company strives to make its point-of-sale software as robust and accessible as possible. This, by itself, is a pretty good reason to invest in Block now.

Another reason is Block’s consistent growth as a business. This can be measured by Block’s gross profit, which has expanded at a compound annual growth rate (CAGR) of over 45% during the past five years.

This isn’t to suggest that Block’s progress has been perfect at very turn. Certainly, investors were disappointed when Block posted a $114 million net earnings loss during 2022’s fourth quarter. Furthermore, Block’s quarterly adjusted EPS of 22 cents fell short of Wall Street’s forecast of 30 cents.

However, yesterday’s disappointment can lead to tomorrow’s relief rally. Block’s next earnings report is set for May 4 after the market closes. The company has had more EPS beats than misses, so the previous quarter’s miss was a headline-grabber.

If Block can do better than Wall Street’s first-quarter 2023 adjusted EPS estimate of 35 cents, SQ stock has moonshot potential. Even an in-line result or a near miss could send the share price higher.

SQ Stock Is a No-Brainer Investment

Block had a rough quarter, but one quarter doesn’t make a pattern. Overall, Block is a growing business that’s tirelessly innovating in the payments-platform space.

Thus, it’s fine to invest in Block anytime. Yet, the best risk-versus-reward setup is before the May 4 earnings event, as SQ stock could quickly head higher based on better-than-expected results.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.