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VMware Inc. warned Wednesday it expects operating margins to decline following its acquisition of AirWatch later this year. Shares slipped as the virtualization-software maker estimated that margins in its second quarter would decline up to 2 percent. VMware unveiled last week a $1.54 billion deal to buy closely held AirWatch. The warning came as VMware posted earnings that beat estimates. VMware, majority-owned by storage vendor EMC Corp., reported a profit of $335 million, or 77 cents per share, up from $205.8 million, or 47 cents, a year earlier.