EMC plans to let approximately 1,000 workers go as part of a restructuring plan that will kick off later this quarter, according to a Wednesday filing with the SEC. The layoffs are expected to cost the storage stalwart somewhere between $100 million to $120 million, mostly in cash. Despite the job cuts, EMC intends to end 2014 with the same number of employees and possibly even a net gain compared to the beginning of the year. The company is trimming legacy businesses and doubling down on high-growth areas such as cloud storage and flash.

“There’s no doubt that the move from the second platform to the third platform of IT, underpinned by the mega trends of mobile, cloud, Big Data and social, is having a profound impact on business and transforming the way we work and live,” EMC boss Joe Tucci said in a statement after the company posted fourth quarter and full year results on Wednesday.

EMC saw its profits surge 23 percent year-over-year to $3.02 billion, or $0.48 per share, while sales grew at a more moderate 11 percent to $6.7 billion, beating the Zacks Consensus Estimate by a slight margin. For the full year, the vendor recorded net earnings of $2.9 billion, or $1.80 per share, on $23.2 billion in revenue, representing seven percent increase from 2012.

Broken down by division, this figure translates into a five percent sales growth for EMC’s storage unit and triple that for VMware and Pivotal. Even more impressive is that the virtualization giant’s profit rose 63 percent to $1.48 billion in the fourth quarter, up from $1.29 billion in the same period 12 months ago.

David Goulden, the CFO of EMC and the newly appointed chief executive of its Information Infrastructure group, noted that “despite 2013 IT spend growth that was lower than we expected, EMC achieved strong revenue and profit growth. This out-performance relative to our industry speaks to the power of the EMC portfolio, solid operational and financial model and consistent execution against our strategy.”