Exhibit 99.2

[OPENWAVE LOGO]

OPENWAVE REPORTS FOURTH QUARTER AND FISCAL 2003 YEAR END RESULTS

REDWOOD CITY, Calif. — July 24, 2003 — Openwave Systems Inc. (Nasdaq: OPWV), the leading provider of open software products and services for the communications industry, today announced that revenues for the fourth fiscal quarter ended June 30, 2003 were $66.5 million, an increase from the third fiscal quarter revenue of $63.5 million. Revenues for the twelve months ended June 30, 2003 were $268 million.

The Company delivered results at the high end of the range for management’s outlook with respect to a number of metrics in addition to revenue. These metrics included gross margins of 73 percent, ending total cash and investments of $234.1 million, and EBITDA without restructuring charges ahead of the outlook.

“We are pleased that we delivered to plan and grew revenue this quarter amid challenging market conditions,” said Don Listwin, president and CEO of Openwave. “Our position in the industry is improving as mobile data is becoming a strategic initiative for operators worldwide.”

Based on Generally Accepted Accounting Principles (GAAP), net loss for the fourth fiscal quarter of 2003 was $25.7 million, or $0.14 per basic share, compared to a net loss of $23.2 million, or $0.13 per basic share, for the third fiscal quarter. The per share amounts are based on 179.2 and 178.6 million weighted-average basic and diluted shares outstanding for the two comparative periods, respectively. EBITDA loss, which consists of earnings before interest, taxes, depreciation and amortization of assets including deferred stock-based compensation expense, was $13.4 million. EBITDA loss without restructuring-related charges was $5.5 million. The Company considers EBITDA to be an important measure of performance because it reflects the resources available to fund the Company’s operations, and it is an important metric often used by investors to evaluate the performance of a business.

In connection with the cost reduction plan announced on June 19, 2003, the Company recorded $8.6 million in restructuring-related charges during the quarter. In addition, the Company recorded $1.3 million in charges during the quarter that resulted primarily from changes in

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Page 2 of 8 — Openwave Reports Fourth Quarter and Fiscal 2003 Year End Results

estimates of certain operating leases from the prior restructuring plans. The combined restructuring impact was $.05 per basic share.

As of June 30, 2003, the Company had cash, cash equivalents, short-term and long-term investments totaling $234.1 million, of which $22.3 million is set aside as restricted cash. Net cash used for operating activities during the three months ended June 30, 2003 was $8.1 million, which includes $3.7 million of cash used for restructuring costs. Net cash provided by financing and investing activities was $25.2 million, which includes $24.9 million in net proceeds from the sale of short- and long-term investments. Total assets and stockholders’ equity were $366.7 million and $182.3 million, respectively, as of June 30, 2003.

First Quarter Fiscal 2004 Business Outlook

Openwave’s Business Outlook set forth below will be available on the Company’s Investor Relations Web site throughout the current quarter. Notwithstanding changes in our outlook that may occur in the interim, we do not expect to update the Business Outlook until the release of our next quarterly earnings announcement; however, Openwave reserves the right to update the full Business Outlook or any portion thereof at any time for any reason. The following statements are forward looking and actual results may differ materially due to factors noted below, among others.

Management’s current outlook for the quarter ending September 30, 2003 is that revenues will be within a range of $64 million plus or minus 10 percent, gross profit will be between 71 and 74 percent of revenues, and GAAP net loss per share will be between $0.05 and $0.14 per share.

For the quarter ending September 30, 2003, management expects EBITDA loss to be approximately $1 million to $15 million, including $2.5 to $3.5 million in restructuring charges. The EBITDA loss outlook excludes approximately $8.4 million in charges for interest, tax, depreciation, and amortization, which amounts would be included in GAAP net income. Management expects to have cash, cash equivalents, short-term and long-term investments, inclusive of restricted cash, of $205 to $215 million as of September 30, 2003.

Conference Call Information

Openwave has scheduled a conference call for 5:00 p.m. EDT today to discuss its financial results for the fourth fiscal quarter. Interested parties may access the conference call over the

Page 3 of 8 — Openwave Reports Fourth Quarter and Fiscal 2003 Year End Results

Internet through the Company’s web site at www.openwave.com or by telephone at (888) 428-4480 or (651) 291-5254. A replay of the conference call will be available for 72 hours beginning at 5:30 p.m. Pacific time on July 24 by calling (800) 475-6701. The replay can be accessed internationally by calling (320) 365-3844, reservation number: 690563.

A live webcast of the call, together with supplemental financial information, will also be available on the Quarterly Earnings section of Openwave’s website at http://investor.Openwave.com/medialist.cfm for at least 12 months.

About Openwave

Openwave Systems Inc. (Nasdaq: OPWV) is the leading provider of open software products and services for the communications industry, serving more than 70 mobile operators, 47 handset manufacturers and 22 broadband suppliers. Openwave’s breadth of products, including mobile phone software, multimedia messaging software (MMS), email, location and mobile gateways, along with its worldwide expertise enable its customers to deliver innovative and differentiated data services. Headquartered in Redwood City, California, Openwave has offices in 28 locations and in 14 countries. For more information please visit www.openwave.com.

Cautionary Note Regarding Forward Looking Statements

This release contains forward-looking statements relating to expectations, plans or prospects for Openwave Systems Inc. that are based upon the current expectations and beliefs of Openwave’s management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: (a) the ability to realize our strategic objectives by taking advantage of market opportunities in the Americas, Europe, the Middle East, and Asia; (b) the ability to make changes in business strategy, development plans and product offerings to respond to the needs of our current, new and potential customers, suppliers and strategic partners; (c) risks associated with the development and licensing of software generally, including potential delays in software development and technical difficulties that may be encountered in the development or use of our software; (d) the effects of our restructurings and the ability to successfully support our operations; (e) the potential negative reaction by our customers to our reduced size and market capitalization; (f) the ability to recruit and retain qualified, experienced employees; (g) the willingness of communication service providers to invest and improve their data networks; (h) the ability to successfully partner with other companies; (i) the ability to acquire additional companies and technologies and integrate such acquisitions; (j) increased global competition; (k) technological changes and developments; (l) general risks of the Internet and wireless and wireline telecommunications sectors; and (m) the uncertain economic and political climate in the United States and throughout the rest of the world and the potential that such climate may deteriorate further.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission (“SEC”), including but not limited to the Company’s Annual Report on Form 10-K for the fiscal year ended

Page 4 of 8 — Openwave Reports Fourth Quarter and Fiscal 2003 Year End Results

June 30, 2002, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003, and subsequently filed reports. All documents also are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Openwave’s Web site at www.openwave.com. The Company assumes no obligation to update the forward-looking statements included in this document.

Openwave and the Openwave logo are trademarks and or registered trademarks of Openwave Systems Inc. All other trademarks are the properties of their respective owners.

INVESTOR CONTACTS:

Bonnie McBride

The Global Consulting Group

415-388-1635

Bonnie.mcbride@tfn.com

Joshua Pace

Chief Accounting Officer

Openwave Systems Inc.

650-480-4999

investor@openwave.com

MEDIA CONTACT:

Michele Landry

Openwave Systems Inc.

650-480-4622

Michele.landry@openwave.com

Page 5 of 8 — Openwave Reports Fourth Quarter and Fiscal 2003 Year End Results

OPENWAVE SYSTEMS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Unaudited									Audited
	Three Months Ended									Twelve Months Ended
	June 30,			March 31,			June 30,			June 30,
	2003			2003			2002			2003			2002
Revenues:
License	$	32,056		$	35,011		$	33,996		$	143,034		$	238,796
Maintenance and support services		22,209			18,494			18,374			78,530			76,273
Professional services		8,014			4,933			12,483			27,048			44,484
Project		4,264			5,033			5,279			19,343			5,279
Total revenues		66,543			63,471			70,132			267,955			364,832
Cost of revenues:
License		797			904			1,252			3,923			9,237
Maintenance and support services		6,708			6,571			7,408			28,972			30,848
Professional services		6,394			5,911			6,494			23,554			26,849
Project		3,833			4,381			4,708			17,369			4,708
Amortization of acquisition-related contract intangibles		438			303			—			2,141			—
Total cost of revenues		18,170			18,070			19,862			75,959			71,642
Gross profit		48,373			45,401			50,270			191,996			293,190
Operating Expenses:
Research and development		26,796			27,256			30,319			115,119			135,136
Sales and marketing		24,781			27,058			35,299			115,199			161,046
General and administrative		8,670			9,343			12,820			46,998			56,470
Restructuring and other related costs		9,926			—			1,439			93,117			35,801
Stock-based compensation		901			686			2,559			3,681			14,866
Amortization and impairment of goodwill and other intangible assets		252			460			437,195			10,535			1,136,109
Accelerated amortization related to planned facility closings		—			—			—			—			1,931
Merger, acquisition and other integration-related costs		—			—			—			386			570
Total operating expenses		71,326			64,803			519,631			385,035			1,541,929
Operating loss		(22,953	)		(19,402	)		(469,361	)		(193,039	)		(1,248,739	)
Interest and other income, net		1,830			1,372			2,085			6,941			11,445
Impairment of nonmarketable equity securities		(1,464	)		(1,864	)		(383	)		(5,328	)		(5,585	)
Loss before provision for income taxes and cumulative effect of change in accounting principle		(22,587	)		(19,894	)		(467,659	)		(191,426	)		(1,242,879	)
Income taxes		3,116			3,320			7,093			10,985			17,879
Loss before cumulative effect of change in accounting principle		(25,703	)		(23,214	)		(474,752	)		(202,411	)		(1,260,758	)
Cumulative effect of change in goodwill accounting principle		—			—			—			(14,547	)		—
Net Loss	$	(25,703	)	$	(23,214	)	$	(474,752	)	$	(216,958	)	$	(1,260,758	)
Basic and diluted net loss per share	$	(0.14	)	$	(0.13	)	$	(2.73	)	$	(1.22	)	$	(7.28	)
Shares used in computing basic and diluted net loss per share		179,200			178,641			174,216			177,943			173,193

Page 6 of 8 — Openwave Reports Fourth Quarter and Fiscal 2003 Year End Results

OPENWAVE SYSTEMS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	Audited		Unaudited		Audited
	June 30,		March 31,		June 30,
	2003		2003		2002
Assets
Current Assets:
Cash, cash equivalents and short-term investments	$	172,684	$	189,859	$	214,199
Accounts receivable, net		62,125		75,559		96,571
Other current assets		13,218		8,520		11,432
Total current assets		248,027		273,938		322,202
Property and equipment, net		44,582		53,027		77,559
Long-term investments		39,195		30,083		79,962
Restricted cash		22,271		22,556		22,349
Goodwill, intangibles and other assets		12,594		15,391		28,640
	$	366,669	$	394,995	$	530,712
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	3,844	$	3,941	$	4,926
Accrued liabilities		36,377		38,848		49,957
Accrued restructuring costs		18,358		13,157		5,751
Deferred revenue		73,790		79,352		66,858
Total current liabilities		132,369		135,298		127,492
Accrued restructuring costs—long term		48,152		49,494		6,844
Deferred rent obligations		3,870		3,600		3,480
Total liabilities		184,391		188,392		137,816
Total stockholders’ equity		182,278		206,603		392,896
	$	366,669	$	394,995	$	530,712

Page 7 of 8 — Openwave Reports Fourth Quarter and Fiscal 2003 Year End Results

OPENWAVE SYSTEMS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Unaudited									Audited
	Three Months Ended									Twelve Months Ended
	June 30, 2003			March 31, 2003			June 30, 2002			June 30,
										2003			2002
Cash flows from operating activities:
Net loss	$	(25,703	)	$	(23,214	)	$	(474,752	)	$	(216,958	)	$	(1,260,758	)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation, amortization and impairment of intangibles		8,304			8,878			447,789			47,207			1,184,159
Impairment of nonmarketable equity securities		1,464			1,864			383			5,328			5,585
Provision for (recovery of) doubtful accounts		(1,959	)		(393	)		1,630			3,032			10,630
Cumulative effect of change in accounting principle		—			—			—			14,547			—
Impairment of property and equipment — restructuring related		2,083			—			—			14,285			5,339
Other non-cash operating activities		(70	)		112			19			145			712
Changes in operating assets and liabilities:		7,786			(8,730	)		19,444			74,366			22,301
Net cash used for operating activities		(8,095	)		(21,483	)		(5,487	)		(58,048	)		(32,032	)
Cash flows from investing activities:
Purchases of property and equipment, net		(731	)		(1,294	)		(2,243	)		(8,259	)		(20,687	)
Acquisitions, net of cash acquired		—			(677	)		(2,321	)		(18,973	)		(23	)
Net proceeds of short-term investments		35,035			14,575			42,403			93,840			97,974
Net proceeds (purchases) of long-term investments		(10,140	)		(23,994	)		1,143			(13,501	)		(43,011	)
Other		285			—			(927	)		629			(4,576	)
Net cash provided by (used for) investing activities		24,449			(11,390	)		38,055			53,736			29,677
Cash flows from financing activities:
Net proceeds from issuance of common stock, net		727			104			9,914			2,800			17,407
Net proceeds from put warrants		—			—			—			—			3,864
Repurchases of treasury stock		—			—			(19,350	)		—			(38,089	)
Other		—			—			(112	)		152			(2,252	)
Net cash provided by (used for) financing activities		727			104			(9,548	)		2,952			(19,070	)
Effect of exchange rate on cash and cash equivalents		—			—			—			—			137
Net decrease in cash and cash equivalents		17,081			(32,769	)		23,020			(1,360	)		(21,288	)
Cash and cash equivalents at beginning of period		122,258			155,027			117,679			140,699			161,987
Cash and cash equivalents at end of period	$	139,339		$	122,258		$	140,699		$	139,339		$	140,699

Page 8 of 8 — Openwave Reports Fourth Quarter and Fiscal 2003 Year End Results

OPENWAVE SYSTEMS INC. AND SUBSIDIARIES

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION—UNAUDITED

(in thousands)

	Three Months Ended									Twelve Months Ended
	June 30,			March 31,			June 30,			June 30,
	2003			2003			2002			2003			2002
EBITDA Computation:
GAAP net loss	$	(25,703	)	$	(23,214	)	$	(474,752	)	$	(216,958	)	$	(1,260,758	)
Add back:
Income taxes		3,116			3,320			7,093			10,985			17,879
Interest income, net		(1,184	)		(1,160	)		(2,132	)		(5,928	)		(12,317	)
Depreciation and amortization		7,403			8,192			106,432			35,481			553,692
Impairment of goodwill and other intangible assets		—			—			338,798			22,592			618,272
Impairment of property and equipment		2,083			—			—			14,285			5,339
Stock-based compensation		901			686			2,559			3,681			12,195
Earnings before interest, taxes, depreciation and amortization	$	(13,384	)	$	(12,176	)	$	(22,002	)	$	(135,862	)	$	(65,698	)
	Three Months Ended									Twelve Months Ended
	June 30,			March 31,			June 30,			June 30,
	2003			2003			2002			2003			2002
Reconciliation of EBITDA to Cash Flows Used for Operating Activities
Earnings before interest, taxes, depreciation and amortization	$	(13,384	)	$	(12,176	)	$	(22,002	)	$	(135,862	)	$	(65,698	)
Income taxes		(3,116	)		(3,320	)		(7,093	)		(10,985	)		(17,879	)
Interest income, net		1,184			1,160			2,132			5,928			12,317
Impairment of nonmarketable equity securities		1,464			1,864			383			5,328			5,585
Provision for (recovery of) doubtful accounts		(1,959	)		(393	)		1,630			3,032			10,630
Other non-cash operating activities		(70	)		112			19			145			712
Changes in operating assets and liabilities		7,786			(8,730	)		19,444			74,366			22,301
Cash flows used for operating activities	$	(8,095	)	$	(21,483	)	$	(5,487	)	$	(58,048	)	$	(32,032	)