April 29 (Reuters) - SBA Communications cut its annual revenue forecast on Monday, as slowing wireless carrier activity is expected to hit demand for the wireless tower operator's communications infrastructure.

Shares of the Boca Raton, Florida-based company fell about 2% in after-market trading.

Wireless carriers are navigating an uncertain economy, and sticky inflation has forced them to keep a tight leash on their budgets, hitting demand for companies such as SBA Communications.

After the initial rollout of 5G networks, demand for wireless tower operators has been slowing, even as several sites require 5G-related upgrades.

"Carrier activity throughout our markets remained measured in response to continued macro-economic financial pressures and the high cost of capital," CEO Brendan Cavanagh said in a statement.

The company now expects annual revenue to be between $2.66 billion and $2.70 billion, compared with its prior expectations of between $2.67 billion and $2.71 billion.

Analysts, on average, were expecting annual revenue of $2.69 billion, according LSEG data.

SBA, which leases space and manages tower sites for wireless carriers including AT&T, T-Mobile US and Verizon Communications, posted total revenues of $657.9 million in the first quarter, missing estimates of $670 million.

The real estate investment trust faces competition from other wireless tower companies, such as Crown Castle and American Tower.

Adjusted funds from operations - a key measure of cash flow - came in at $3.29 per share, about 5% higher from a year earlier.

In the reported quarter, site leasing revenue rose 1.8% to $628.3 million, missing estimates of $633.3 million. (Reporting by Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)