Procter & Gamble Company (NYSE: PG) on Wednesday cut its second-quarter earnings forecast due to slowing demand in developed economies and the negative effect of a strong dollar.

The Cincinnati, Ohio, company said core earnings are now expected to be in the range of 75 cents to 79 cents per share, compared to a prior range of 79 cents to 85 cents. All-in diluted net earnings per share, which includes a gain of 47 cents to 50 cents on the sale of the Snacks business, are expected to be in the range of $1.17 to $1.26 per share, compared to a prior range of $1.21 to $1.32.

Shares fell 1.9 percent in premarket trading to $61.03.