The wireless market can be dicey. Just look at the recent trashing of Infospace (NASDAQ:INSP). Within the past month, the stock lost more than 30% of its value -- in one day -- because it lowered its outlook.

Yesterday, Openwave (NASDAQ:OPWV) investors were also disappointed, although not to the degree of Infospace shareholders. On the earnings news, the stock price of Openwave fell about 6% to about $17.61.

In the second quarter, Openwave's revenues increased 31% to $100.3 million. Unfortunately, the company posted a net loss of $62 million, or $0.91 cent per share. This is in comparison to a net loss of $737,000, or $0.01 cent per share, in the same period a year ago.

Basically, Openwave took a restructuring charge of $65 million in the second quarter. It was still able to generate $9.1 million in cash from operations, so at the end of the day, the company has $286.8 million in the bank.

Founded in 1994, Openwave is a pioneer in developing software products for the communications industry. Its technology allows such things as multimedia messaging, email, location-based services, and so on. As a testament to the company's technology prowess, it counts among its customers the top five mobile operators in the U.S.: AT&T Wireless (NYSE:T), Verizon (NYSE:VZ), Sprint PCS (NYSE:FON), and Nextel (NASDAQ:NXTL). The company also has key global accounts, such as BT Genie in the U.K. and KDDI in Japan.

According to the company, bookings were particularly strong -- increasing 60% over the last year to $130 million. However, the company provided no guidance.

There's no doubt that Openwave has compelling high-end software solutions -- as indicated by its top customer base. The company has extensive experience in building mobile applications and can handle large amounts of capacity. Keep in mind its software is expected to handle one trillion transactions in the third quarter. Besides, as mobile devices become commodities, carriers are looking for ways to add premium features. And carriers are familiar with Openwave solutions. So, if it ain't broke, why fix it?

By positioning itself as a partner to mobile carriers rather than as a competitor, this software developer should remain strong and a good choice for investors interested in benefiting from the growth of wireless.

And, as always, it's even better when you can buy such a stock on a dip.

Fool contributor Tom Taulli does not own shares mentioned in this article.