Hydrolyzes the phosphatidylinositol 4,5-bisphosphate (PIP2) to generate 2 second messenger molecules diacylglycerol (DAG) and inositol 1,4,5-trisphosphate (IP3). DAG mediates the activation of protein kinase C (PKC), while IP3 releases Ca(2+) from intracellular stores. Essential for trophoblast and placental development. May participate in cytokinesis by hydrolyzing PIP2 at the cleavage furrow (PubMed:10336610). Regulates neurite outgrowth through the inhibition of RhoA/Rho kinase signaling (By similarity). . This is the function of PLCD3 (phospholipase C delta 3, ENSG00000161714).