Ericsson Shares Surge After Record Buyback Program and Strong Q4 Profit

Ericsson shares jumped over 11 percent after the company reported a fourth quarter operating profit of 12.7 billion kronor and announced a 15 billion kronor share buyback program.The financial gains come as CEO Börje Ekholm implements 1,600 job cuts in Sweden while cautioning that Europe remains heavily dependent on USA technology for its digital infrastructure.In related market activity, Truecaller surged following better-than-expected advertising revenue and Xiaomi launched a 321 million dollar stock repurchase to combat rising component costs.