Nokia's latest quarterly figures were announced through the week, with the headline figures painting a picture that can be summed up in four words: it ain't looking good.
In fact, things are so fire that the company would be closer to making a profit if it stopped making phones altogether and simply lived off the royalties it gets from licensing its patents to Apple.
According to AppleInsider, Nokia took in around £370 million from Apple for using a number of proprietary technologies inside the likes of the iPhone 4S – a figure that will only escalate in the future on the back of Apple's seemingly unstoppable momentum.
Nokia's own prospects are far bleaker. Throughout last year it was able to brush off huge losses by promising that things would improve once its first Windows Phones arrived, pointing out that if anything the poor figures vindicated the decision to switch to Microsoft's OS in the first place.
Problem is, Nokia's debut Lumia devices are now here, and nothing much has changed. Its entire Windows Phone strategy depends on Lumia sales taking off, even if it means selling them at a loss to achieve it. So far, though, sales have been underwhelming.
Nokia's Windows Phone gamble may still prove successful in the long run, but if so it'll owe Cupertino a pretty big thank-you card for helping it get through the lean times.