<SEC-DOCUMENT>0001193125-17-322098.txt : 20171130
<SEC-HEADER>0001193125-17-322098.hdr.sgml : 20171130
<ACCEPTANCE-DATETIME>20171027080802
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-322098
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ERICSSON LM TELEPHONE CO
		CENTRAL INDEX KEY:			0000717826
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TORSHAMNSGATAN 21 - 23
		CITY:			STOCKHOLM SWEDEN
		STATE:			V7
		ZIP:			164 83
		BUSINESS PHONE:		46107190000

	MAIL ADDRESS:	
		STREET 1:		S 164 83 STOCKHOLM
		CITY:			SWEDEN
		STATE:			V7
		ZIP:			0000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LM ERICSSON TELEPHONE CO
		DATE OF NAME CHANGE:	19911030
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g465653g1027160544166.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert Shapiro</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">VIA EDGAR</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: LM Ericsson Telephone Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for Fiscal Year Ended December&nbsp;31, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed April 26, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>File No.&nbsp;001-12033 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Shapiro: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of LM Ericsson
(&#147;Ericsson&#148; or the &#147;Company&#148; or &#147;we&#148;), we hereby provide the following responses to the comments contained in the comment letter of the staff (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the
&#147;Commission&#148;) to Ericsson, dated September&nbsp;28, 2017. For ease of reference, the text of the comments in the Staff&#146;s letter has been reproduced in bold herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item 15A. Swedish Annual Report for 2016 in English (Adjusted Version) </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financials &#150; Board of Directors&#146; report </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Business in 2016 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Highlights. </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Gross Margin, page 30 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Please discuss and quantify in greater detail the reasons for the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> changes in sales and gross margin including changes in sales price, sales volume, and service and product mix. Please also disclose if you consider the
decline in sales a trend that you expect to continue or change and the reasons why. Refer to Part I, Items 5A.1 and 5.D of Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment and respectfully advise the Staff that Ericsson will quantify in greater detail the reasons for the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> changes in sales and gross margin, as well as provide a discussion of any trends relating to changes in sales, in Ericsson&#146;s Form <FONT
STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2017. In regard to the latter, we advise the Staff that, following the filing of Ericsson&#146;s Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year
ended </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Telefonaktiebolaget&nbsp;LM&nbsp;Ericsson</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">SE-164</FONT> 83 Stockholm</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SWEDEN</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +46 10 719 00 00</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VAT: SE556016068001</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Visiting address</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fax: +46 10 719 95 27</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Reg no: 556016-0680</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Torshamnsgatan&nbsp;21&nbsp;(Kista)</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">


<IMG SRC="g465653g1027160544056.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:10pt">2 (2)</FONT></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;31, 2016, Ericsson began to include in its reports on Form
<FONT STYLE="white-space:nowrap">6-K</FONT> furnishing its announcements regarding its quarterly results management&#146;s views on trends under the caption &#147;Planning Assumptions Going Forward,&#148; and intends to include similar disclosure in
Ericsson&#146;s Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Business Results, Segments, page
33 </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;For each segment, please discuss and quantify in greater detail the reasons for the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">period-to-period</FONT></FONT> changes in sales and operating income including changes in sales price, sales volume, and service and product mix. Please also disclose if you consider the decline in sales a trend that you
expect to continue or change and the reasons why. Refer to Part I, Items 5A.1 and 5.D of Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
acknowledge the Staff&#146;s comment and respectfully advise the Staff that Ericsson will for each segment quantify in greater detail the reasons for the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> changes in sales and operating income, as well as provide a discussion of any trends relating to changes in sales, in Ericsson&#146;s Form <FONT
STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2017. In regard to the latter, we advise the Staff that following the filing of Ericsson&#146;s Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year
ended December&nbsp;31, 2016, Ericsson began to include in its reports on Form <FONT STYLE="white-space:nowrap">6-K</FONT> furnishing its announcements regarding its quarterly results management&#146;s views on trends under the caption
&#147;Planning Assumptions Going Forward,&#148; and intends to include similar disclosure on a segment basis in Ericsson&#146;s Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have additional questions, please do not hesitate to contact us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;27, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEFONAKTIEBOLAGET LM ERICSSON </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Carl
Mellander&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carl Mellander </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="98%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">cc:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Securities and Exchange Commission</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Division of Corporation Finance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ivette Leon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Carlos Pacho</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Telefonaktiebolaget LM Ericsson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Nina Macpherson</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Simpson Thacher&nbsp;&amp; Bartlett LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Joshua Ford Bonnie</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g465653g1027160544056.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g465653g1027160544056.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  P "0# 2(  A$! Q$!_\0
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M/0#W-=L*,G!>TEH<\JBYO=1WFO\ QN\2ZKNBTU8=*MS_ ,\AYDI&.A=AC\0
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/>UT5R/$U&[W-U2@EL?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g465653g1027160544166.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g465653g1027160544166.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !% $X# 2(  A$! Q$!_\0
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?1W3^:8/LOF!6/WCG>.IR>G&:**SC7J)W3+=.+Z'_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
