NetApp Inc. said it will raise its dividend for the first quarter of fiscal 2020 by 20% to 48 cents per share.

The dividend will be paid July 24 to shareholders of record as of July 5.

NetApp's GAAP net income rose to $396 million, or $1.59 per share, in the fourth quarter of fiscal 2019 that ended April 26, from $290 million, or $1.06 per share, a year earlier.

Non-GAAP net income for the quarter was $305 million, or $1.22 per share, compared with $307 million, or $1.12 per share, a year ago, the hybrid cloud data services provider said.

For the first quarter of fiscal 2020, NetApp expects to earn between 56 cents per share and 64 cents per share on a GAAP basis, and between 78 cents per share and 86 cents per share on a non-GAAP basis.