The nation's largest cable provider Comcast has reported a 32% decline in earnings during the fourth quarter.

The company gave rising competition as the reason for the decline slowing subscriber growth and an asset impairment charge totaling $600 million. It also stated that it had lost 233,000 subscribers due to writedown related to its Clearwire Corp (CLWR. O) stake.

Comcast also reported of weaker consumer spending coupled with an advertising slowdown due to the economic meltdown having an impact on its income. New competition for television and Internet service in Comcast's markets from telecommunications giants like Verizon Inc. (VZ) and AT&T Inc. (T) also had a negative impact on the company's earnings.

"There's a bit less visibility in the business than usual," said Comcast Chief Financial Officer Michael Angelakis. "We intend to grow the business in 2009, but we are very focused on expanding our conversation with our investors and shareholders instead of just providing a couple metrics that everyone focuses on."

Comcast has a reported net income of $412 million, or 14 cents a share, down from $602 million, or 20 cents a share as compared to the income at the same time during the previous year.