The consumer products giant recorded revenue of $20.21 billion, down from $20.45 billion in 2011, and falling short of the $20.26 billion Wall Street expected, the Associated Press noted.
Adjusted EPS for the quarter was 82 cents, which beat analysts, who had forecast 77 cents.
Shares of Procter & Gamble rose more than 3% on the news in Friday mid-day trading.
The company predicted current quarter adjusted earnings of between 91 cents and 97 cents a share. It also expects current quarter revenue of between $20.6 billion and $20.14 billion.
That forecast missed Wall Street, which is looking for earnings of $1.02 a share on revenue of $21.24 billion this quarter.
For the fiscal 2013, Procter & Gamble projects adjusted core earnings per share of between $3.80 and $4 on revenue of between $82 billion and $83.63 billion. Analysts have forecast full year earnings of $3.92 a share and revenue of $84.7 billion.
Procter & Gamble also said it planned to repurchase $4 billion worth of stock during the current fiscal year.