The FMCG manufacturer that owns brands including Gillette, Ariel and Pampers reported a 12% fall in profit to $2.19bn (£1.37bn) in the three months to 30 June.
Sales in the period increased 5% to $18.93bn (£11.9bn).
P&G says increased investment in marketing, advertising and product innovation impacted its profit.
The company injected an additional $1bn to its advertising spend in the past year making its total spend $8.6bn (£5.4bn), the equivalent of around 11% of total sales.
Bob McDonald P&G chief executive officer, says: “We are executing on all three dimensions of our growth strategy – touching and improving more consumers’ lives, in more parts of the world, more completely.
“The investments we’ve made in innovation, marketing support and consumer value have delivered accelerating unit volume and profitable market share growth throughout the year, which are clear indications that our strategy is working.”
Read an in-depth analysis of what the global sponsorship means to P&G here. P&G aiming for gold with Olympic partnership