(Adds share movement, details on forecast)
SAN FRANCISCO Dec 4 Comcast Corp (CMCSA.O)CMCSK.O lowered its forecast for 2007 cable revenue growth to about 11 percent from at least 12 percent on Tuesday, citing a "challenging economic and competitive environment," sending the shares down.
Comcast, the largest U.S. cable television operator, also said 2007 cable capital expenditures would be about $6 billion, 5 percent above its earlier expectations.
Comcast attributed the higher expenditures to increased purchases of advanced digital set-top boxes, the company's accelerated shift to digital technology, network improvements and acquisition-related investments.
Comcast shares slumped 4.7 percent in extended trading following the disclosure, after closing down 32 cents, or 1.5 percent at $20.73 on Nasdaq.
The company gave the revised outlook before a presentation at a UBS AG investor conference on Wednesday.
Philadelphia-based Comcast said it now expects so-called revenue generating units, or the sum of basic and digital cable, high-speed Internet and net phone subscribers, to increase by about 6 million to 57 million. Comcast earlier had said it expected about 6.5 million additions.
Comcast said it was reaffirming all other guidance for 2007. (Reporting by Philipp Gollner; Editing by Jeffrey Benkoe)
AT&T reaches deal to buy Time Warner for more than $80 billion -WSJ
Oct 22 AT&T Inc reached a deal to buy media company Time Warner Inc for more than $80 billion, The Wall Street Journal reported on Saturday.
Trump vows to weaken U.S. media 'power structure' if elected
GETTSYBURG, Pa. , Oct 22 U.S. Republican presidential candidate Donald Trump promised on Saturday to foil a proposed deal for AT&T Inc to buy Time Warner Inc if he wins the Nov. 8 election, arguing it was an example of a "power structure" rigged against both him and voters.