Block appoints professional director Neha Narula, financial report to be released next week

Twitter founder Jack Dorsey's payment platform Block, formerly known as Square, announced the addition of a new board member, Neha Narula, who will bring valuable experience in building fast, scalable distributed systems and databases. Block will release its latest financial report for the second quarter on 8/3, and whether it can turn a profit will be a key focus.

Block Adds Neha Narula to its Board of Directors

According to a filing with the SEC, Block has expanded its board from 11 to 12 members by appointing Neha Narula. Narula has been serving as the Director of the Digital Currency Initiative at the MIT Media Lab since January 2017 and is currently on the Innovation Advisory Committee at the Federal Reserve Bank of New York.

Block's founder Jack Dorsey believes that Neha's expertise in Bitcoin and open-source technology is crucial for the board, stating:

Neha's passion for building intuitive, scalable systems to efficiently transfer funds over the internet aligns with our company's goals, and we are thrilled to have her join our team.

Neha Narula also expressed her commitment to empowering the company's mission economically.

I have long admired Block's focus on creating simple, cohesive products that enable individuals and communities to participate in the financial system. We share a common set of values around the power of open-source software and open protocols to change how people transfer funds.

Block's Financial Report to Be Released Soon, Turning Losses into Profits is Key

While payment platform Block has seen a continuous increase in gross profit in recent quarters, it has been in a loss-making situation until the first quarter of 2023 due to the significant costs incurred from acquiring the Australian startup payment firm Afterpay in 2021.

In late March, Block was hit with a report from Hindenburg Research, known for short-selling, accusing Block's business of being more of a magic trick than innovation, labeling it as a fraud. Following this, the stock price hovered at a low level. Despite Cathie Wood from Ark Invest coming to its defense and showing support by increasing holdings, the stock price remains relatively weak, almost halving from its historical high of $289 in August 2021.

Block is set to announce its second-quarter financial report next week. The key question is whether the gross profit can reach new highs to offset the costs of the acquisition and turn losses into profits. Let's wait and see!

Why was Block accused of fraud? See: Block Targeted by Hindenburg Short Attack, Block's Magic Not Innovation but Fraud

Cathie Wood defends Block: Cathie Wood Speaks Up for Block, Ark Continues to Increase Block Stock Holdings