After announcing disappointing revenues for the last quarter, Motorola said that it considers selling or spinning off its cellular phone unit.

Also, the company's alternatives may include the separation of Mobile Devices from its other businesses in order to permit each business to grow and better serve its customers.

"All of our businesses have exceptional people, products and intellectual property and the ability to achieve category leadership in their markets," said Greg Brown, President and Chief Executive Officer. "We are exploring ways in which our Mobile Devices Business can accelerate its recovery and retain and attract talent while enabling our shareholders to realize the value of this great franchise.”

Earlier this month, Motorola announced that its fourth quarter earnings fell 84 percent and added that the mobile phone manufacturer will need more time than expected to fix its handset unit.

Motorola reported fourth quarter earnings of $100 million, a small amount considering the company’s historical standards. The net income was of 4 cents per share and was down from a year-earlier profit of $623 million, or 25 cents per share. Sales fell to $9.65 billion from $11.79 billion a year earlier.

Meanwhile, Carl Icahn, the billionaire financier who tried to win a seat on Motorola’s board last year, has urged the company’s executives to split the unit from the rest of the company.

"We believe Motorola is finally moving in the right direction but certainly still has a long way to go," he said in a statement.