Phospholipase C is a phospholipase that generates two second messengers by catalyzing hydrolysis of phosphatidylinositol 4,5-bisphosphate (see here). The two products of the reaction, namely sn-1,2-diacylglycerol (DAG) and inositol 1,4,5-trisphosphate (InsP3), both act as second messengers in signal transduction. Therefore, the cleavage of PIP2 by phospholipase C is the functional equivalent of the synthesis of cyclic AMP by adenylate cyclase.