Why did Pinduoduo shares climb 15% Friday? Strong results amid China's Covid surge
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Chinese e-commerce platform developer Pinduoduo (NASDAQ:PDD) saw its shares close Friday with a gain of more than 15% due to positive reaction to the company's quarterly results that showed more consumers shopping online amid Covid-related shutdowns across China.
Early Friday, Pinduoduo (PDD) said that for its fiscal first-quarter, it earned the equivalent of 44 cents a share on revenue of $3.75B, while Wall Street analysts had forecast Pinduoduo (PDD) to earn 27 cents a share, on $305.3M in revenue. 
The results suggested that Pinduoduo (PDD) has been able to maintain and grow its business even as Chinese authorities have enacted society and business lockdowns in order to stem a rise of Covid cases in the country.
Company officials hinted that revenue growth could slow down in the month ahead due to the impact of the Covid lockdowns. Liu Jun, Pinduoduo's (PDD) vice president of finance said on a conference call that "one area the pandemic has shown us is that, for our business, we need to build it to be more resilient, and there are certain areas that we need to further improve," such as meeting the needs of its users.
Along with Pinduoduo (PDD), both Alibaba (BABA) and Baidu (BIDU) released strong quarterly reports this week.