The consumer products giant said that slowing growth overseas, especially in China, and a strengthening dollar were hurting both revenue and earnings.
Shares of Procter & Gamble fell more than 3% in early Wednesday trading.
This is the second outlook downgrade the company has issued in three months, the Associated Press noted.
The company said it expected adjusted fourth-quarter EPS to be between 75 cents and 79 cents, down from a prior forecast of 79 cents to 85 cents.
Revenue for the fourth quarter is anticipated to fall between 1% and 2%, to between $20.45 billion and $20.66 billion.
Wall Street had been looking for EPS of 82 cents and revenue of $20.62 billion.
The company has announced a renewed focus on its core markets and a major cost-cutting program to save $10 billion by 2016.