Comcast drops growth forecast

Comcast has come under financial pressure this week due to growing competition from diversifying telecoms rivals.

Shares in America's biggest cable company dropped 12.3% on Wednesday after it dropped its growth forecast for the year from 12% or more to 11%.

Comcast stock had already dropped 25% over the year while other cable providers such as Time Warner Cable and Cablevision have also suffered.

The company, and analysts, have blamed the problems on telecom companies such as Verizon Communications and AT&T beginning to offer video services. Satellite rivals are also increasingly competitive.

Analysts at Goldman Sachs said what it called "secular competitive challenges" were overcoming the "defensive nature of the subscription model".

The pressure on cable firms in the US comes as the chairman of the Federal Communications Commission seeks to tighten regulation of the industry.