Yahoo! confirmed that it will be cutting its workforce and that it is exploring “strategic alternatives” — generally interpreted as a possible sale. Deadline.com reports that the company said during its fourth-quarter and full-year earnings report today that it will cut about 1,600 jobs, or 15% of its workforce.

“The Internet giant unveiled an ‘aggressive strategic plan to simplify the company, narrowing its focus on areas of strength to better fuel growth, drive revenue and increase efficiency in 2016 and beyond,'” Deadline notes. The company reportedly expects short-term savings of $400 million per year.

Deadline adds: “The announcement comes as Yahoo posted its earnings results for its fourth quarter that were in line with analysts’ expectations. Yahoo reported Q4 revenue of $1.27 billion, or 13 cents a share. Estimates had it at $1.19B.”