If you want to know what makes Freescale Semiconductor (NYSE:FSL) tick, take a look at the earnings report, but let your eyes drift below the income statement a bit. There, you'll see the segment information, as well as which parts of the business have contributed the most to revenue and earnings.

If you start with the revenue breakdown, it might look as if wireless and mobile solutions led the charge this time, gaining 19% to $540 million, while no other meaningful division saw more than a 10% increase year over year.

But what matters in the end is earnings. After subtracting operational costs, the wireless segment looks like a laggard, with a mere 2.6% improvement to $36 million in operating earnings. Networking systems jumped 46.4% on this line, and the transportation division's earnings shot up 97.3% to $144 million, making it the clear winner both proportionally and in absolute dollars.

But all of this will probably mean nothing to investors. Shareholders are set to vote on a proposed buyout to private-equity firms headlined by the Blackstone group, and the vote is widely expected to pass. The former Motorola (NYSE:MOT) spinoff will go back into the shadows, this time not even as a part of an investable entity like Motorola. Judging from these results, it's really quite a shame, since we're losing access to a promising -- and in some segments market-leading -- competitor with operational moxie.

The conference call was full of exciting new product and partnership details, with collaborators like IBM (NYSE:IBM), STMicroelectronics (NYSE:STM), and former corporate parent Motorola. The company is also going into the next-generation long-range wireless space with WiMax products, where it will brush up against new competition from the likes of Analog Devices (NYSE:ADI), Marvell (NASDAQ:MRVL), and Atheros (NASDAQ:ATHR).

It's an exciting time indeed for Freescale, and I only wish I could benefit from all of this promise. But I'm late to the party, as the company will continue working on all of these projects, out of the public eye and our portfolios. Farewell, Freescale; we hardly knew ye.

Further Foolishness:

Sign up for a free 30-day trial to Motley Fool Rule Breakers so you can catch the next big thing before it goes mainstream. David Gardner and his team are always happy to show you their best investing ideas.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. You can check out Anders' holdingsif you like. Foolishdisclosureis always on time.