Nokia beat market expectations in its fourth quarter results though sales were down 5% year-on-year and new CEO Pekka Lundmark was clear that the company would not catch up entirely in 5G until 2022, repeating the warning that Nokia would make no profits this year on its mobile networks business. Total fourth quarter revenue was €6.57bn ($7.85bn), and Nokia reported a net loss of €2.6bn ($3.12bn), though it blamed most of that on the derecognition of Finnish deferred tax assets that were booked during the quarter. Compared to Ericsson’s strong performance, Nokia is clearly further behind in the turnaround cycle, and Lundmark was careful to manage expectations while giving the impression that the turnaround was, indeed, achievable in a 12-month…