The question now is whether we're indeed seeing the beginning of a stabilization in the stock that has lost over 70% of its value since October 2006, when the deterioration began, and 52% year-to-date. The company's third-quarter and full-year forecast would seem to suggest so, but while Motorola managed to keep its No. 3 position in the global mobile-phone maker, it is still in danger of losing that rank to LG Electronics Inc. whose handset sales have been soaring, not declining.

What investors are interested in going forward is the spinoff -- the separation of Motorola into two independent, publicly traded companies: the losing phone unit and the profitable set-top boxes, radios and networking gear. The split will happen in the third quarter of 2009, according to the CFO, but no word yet as to which of the new companies will get to keep the Motorola brand, or what the management at either company will be.

With 50 new handset launches Motorola is planning for this year, including more smartphones and other hip phones, even this segment could show some resilience given the latest numbers. The other units have done well. Motorola may have just seen the bottom.