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News Summary: P&G 2Q profit jumps on cost-cutting

The Associated Press

THE NEWS: Procter & Gamble, the world's largest consumer goods company, said Friday that its second-quarter profit more than doubled as cost cuts boosted the bottom line and market share trends improved.

THE CONTEXT: P&G has focused on emerging markets to drive growth as North America has slowed, but it has made missteps in the past, growing too fast in some markets and charging too much or too little in other areas. Early last year, Procter & Gamble introduced a cost cutting plan to help reverse results.

WHAT'S NEXT: The maker of Tide detergent and Gillette razors raised its fiscal 2013 outlook.