Sales of P&G's fabric and home care products, its biggest business, rose 4% to $5.79 billion, while baby and feminine products rose just 1% to $4.58 billion, both falling short of estimates. The company said part of the weakness was due to a fall in inventory levels in Japan following a build up before the nation's sales tax hike in October.

Jefferies analyst Kevin Grundy said Wall Street expectations were built on the company's momentum in the past five quarters, but the modest second-quarter results are likely to be met with disappointment. "Good quarter, but high bar," he wrote in a note to clients.

Sales at the company's grooming business, which makes Gillette razors, rose 2% to $1.65 billion, but also fell below estimates. The company took an $8 billion charge last year related to the unit, which faces competition from smaller rivals Harry's and Dollar Shave Club.