The stock fell US$3.52, or 3.4%, to US$99.5 after PMI, which also makes Parliament, L&M and Chesterfield cigarettes, posted earnings per share of US$1.15, below market estimates of US$1.20.
Sales also fell short of forecasts, at US$6.65bn rather than the US$6.77bn predicted by analysts.
Philip Morris faced currency troubles as the strong dollar made its tobacco more expensive overseas.
Sales also took a hit as health concerns reduce demand for cigarettes generally, particularly in western markets.
The company said it anticipated better second-half sales as the dollar weakens.