OTTAWA - BlackBerry (IW 1000/12) said Friday that it lost $965 million in the past quarter, confirming preliminary figures showing a rapidly eroding picture for the Canadian smartphone maker.

The company, which had given a preliminary estimate for its second fiscal quarter results, acknowledged the figures were weak, but said it hopes for a turnaround with a planned $4.7 billion buyout, which would take the firm private.

"We are very disappointed with our operational and financial results this quarter and have announced a series of major changes to address the competitive hardware environment and our cost structure," said Thorsten Heins, president and chief executive.

He added that the company is putting in place "the necessary changes to create the best business model" for its ailing product.

"We understand how some of the activities we are going through create uncertainty, but we remain a financially strong company with $2.6 billion in cash and no debt," Heins said.

"We are focused on our targeted markets, and are committed to completing our transition quickly in order to establish a more focused and efficient company."

Revenue for the quarter ending Aug. 31 was $1.6 billion, down 49% from $3.1 billion in the previous quarter and down 45% from $2.9 billion in the same quarter of fiscal 2013.