Proctor and Gamble unexpectedly cut guidance this morning, sending shares down in pre-market trade.
In a statement, Procter said "the revisions to the Company’s fourth quarter outlook are primarily driven by slower than anticipated top-line growth from slower than expected market growth rates and market share softness in developed regions and negative impacts from foreign exchange rate changes."
Translation: high unemployment coupled with slow-to-no GDP growth in developed markets are destroying the top line.
At a Deutsche Bank panel today, Procter plans to show this slide that sums it up pretty nicely.
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