Question-and-Answer Session
Operator
Yes, thank you. At this time, we are ready to begin the question-and-answer session. (Operator Instructions). Thank you. Our first question comes from Laura Conigliaro with Goldman Sachs. Ma'am, your line is open.
Laura Conigliaro - Goldman Sachs
Great. Last quarter, you did talk about historical seasonality in order to give us a better sense of possibilities for the March quarter. If we extrapolate that, what you’ve just reported to the full year, we do get numbers that are nicely higher than the $12.7 billion target, granted you got a plus 9 after that. Is there some reason why we should be thinking that your seasonality will be noticeably different this year?
David Goulden
Laura, this is David. I think the seasonality will be in a fairly typical range. I think, if you look at what we told you last time, Q1, Q2, Q3, Q4, we did point out a few other things that helped us here, in Q1 a little bit in the currency, the large transaction, which we talked about in APJ. You need to factor those in and look into the overall year.
Tony Takazawa
All right. Next question please.
Operator
Thank you. Your next question comes from Aaron Rakers with A.G. Edwards.
Aaron Rakers - A.G. Edwards
Yeah thanks guys, congratulations on a good quarter. I guess my question is on the operating expense side. It looks like in the first time for more than two years actually OpEx has come down. So my question is, what type of leverage can we think about in this model? And maybe set the stage for that by any update in terms of the 1,350 employees taken out of the company, how far are we on that and what OpEx structure looks like over the next several quarters?
Joe Tucci
I am going to turn that over to David. Aaron, this is Joe. I just want to say that, as we've said many times, we are incredibly focused on gaining leverage in controlling our operating expenses throughout EMC. But it is the major focus and it will continue to be a major focus, and that's why we are getting the results. And Dave, you can elaborate on the question a little more?
David Goulden
Yeah to give you a bit of color, Aaron, I'd say the one benefit here of the business unit focus is we really are able to look at the businesses and look at the expense ratios for each one quite carefully and manage that way as well as manage on a consolidated basis. You saw the improvement that we've made year-on-year when you pull out VMware and Security.
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