Nokia Corporation (ADR) (NYSE:NOK) reported its earnings report for the first three months of 2013 this morning to the revulsion of the market. The firm’s shares had fallen by 12 percent at time of writing after the firm showed weak earnings per share on very poor revenues. The real problem with the company, however, is its reliance on its joint venture, Nokia Siemens Networks.

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Siemens recently revealed that it is not willing to continue the joint venture with Nokia Corporation (NYSE:NOK), leaving the future of the company in doubt. Nokia Siemens Networks is a telecommunications equipment manufacturer, and it provides huge support for Nokia’s “core” business.

According to a Bank of America Corp. (NYSE:BAC) report released in the wake of the report, the company’s reliance on NSN might be more substantial than most investors recognize. This mornings earnings report showed the company had a net cash inflow of €120 million, ans without NSN’s inclusion the situation is much worse.

According to the report, if cash from NSN isn’t included, the company is estimated to have leaked €452 million. That situation is one that Nokia Corporation (NYSE:NOK) has been living with for years, and it’s not one that looks ready to change. The coming change of Nokia Siemens Network’s position within the company could be a serious turning point.

There are three options Nokia Corporation (NYSE:NOK) could pursue in relation to NSN. The firm could find a new partner, buy Siemen’s shares itself, or spin off from the company. It doesn’t seem likely that the company can afford to buy out Siemens, and spinning off the company would provide temporary cash inflow but allow the world to see how weak its business is without the segment.

Nokia Siemens Networks isn’t even doing that well by most standards. The venture had a good quarter, with 7 percent margins, but most of that, according to the Bank of America Corp. (NYSE:BAC), was driven by cost reductions rather than revenue expansion. Nokia Corporation (NYSE:NOK) needs to do something to resurrect its fortunes, and Nokia Siemens Networks is probably not the answer.

The future of the Finnish mobile technology company is shakier than ever today. Shares have dropped 20 percent since the start of the year, and there doesn’t seem to be any hope right now. One thing is clear, Nokia Siemens Networks is the driving force behind anything good in the company’s financials, and if its position changes Nokia Corporation (NYSE:NOK) may not last the year.