Cash and short-term investments hit 88 trillion won at the quarter's end, up 33.6 trillion won in three months, against interest-bearing debt of 18.6 trillion won and a debt-to-equity ratio of 7%. Operating profit landed below the 64.1 trillion won that brokerages surveyed by Yonhap Infomax had modeled. Over the past month, SK hynix has lost 47% of its value and Samsung 37%. Weaker shareholder-return expectations compounded the earnings miss, with SK hynix telling analysts only that additional returns remain under evaluation and would be disclosed within the year. Josh Gilbert, eToro's lead analyst for Asia-Pacific and the Middle East, told Bloomberg that "expectations had simply moved ahead of what even another record quarter could deliver."