Rogers Communications’ cable and TV subscribers are feeling the economic pinch.

Ad sale declines in radio and TV and tough sledding at its cable division led Rogers to trim its 2009 revenue forecasts as it released its latest financial results on Tuesday.

Overall, Rogers posted second-quarter earnings up 24% to $374 million, against a profit of $301 million in 2008, on revenue up 3% to $2.89 billion, compared to $2.8 billion in 2008, as results were underpinned by a 6% jump in revenues at the dominant wireless phone division.

But Rogers’ cable and media division took the full brunt of the economic downturn during the latest quarter.

‘Basic cable, digital cable, Internet, and home phone service subscriber growth all continued to slow from the previous year reflecting the worsening economic recession and unemployment levels in the province of Ontario,’ the media giant reported.

Slowing cable subscriber growth led revenue in that business to rise a modest 4% to $972 million, while shrinking print, radio and TV ad sales led media division revenues to fall 11% to $366 million.

Rogers’ media unit, which includes the Citytv stations and specialties like Rogers Sportsnet and The Shopping Channel, comprises 13% of overall group sales.

Falling revenue at The Shopping Channel due to lower consumer spending was partially offset by higher subscriber revenue at Rogers Sportsnet.

But Rogers also reported that savings from cost-cutting at the media division — the division recorded a one-time $21 million restructuring charge — was offset by higher programming costs for TV, including at the U.S. series-rich City stations.

Rogers cut its 2009 guidance to overall revenue growth in the 2% to 4% range, against an earlier estimate of 5% to 9% growth, citing ‘greater and more prolonged than forecasted media advertising revenue declines associated with the sustained recessionary economic environment.’

Shares in Rogers fell $1.76, or 5.6%, to $29.22 during midday trading on the Toronto Stock Exchange on news of its latest results.