July 17 (Reuters) - Wireless tower operator Crown Castle beat Wall Street estimates for second-quarter site rental revenue on Wednesday, aided by steady demand for communication infrastructure services.

The positive results indicate that demand for data continues to grow and is pushing wireless carrier companies to lease communication infrastructure from tower operators like Crown Castle.

Companies such as Crown Castle are also betting on the rise of artificial intelligence applications that consume massive amounts of data to generate text, photos and videos to boost demand for their tower infrastructure.

The real estate investment trust posted second-quarter site rental revenue of $1.58 billion, beating analysts' average estimate of $1.56 billion.

Crown Castle, which owns about 40,000 towers, derives majority of its revenue from leasing out tower infrastructure to wireless carriers such as AT&T, T-Mobile US and Verizon Communications in the United States on a long-term basis.

The telecommunication infrastructure company's quarterly net income stood at $251 million at the end of June, compared with analysts' estimates of $235.2 million.

Its adjusted funds from operations came in at $1.62 per share, compared with $2.05 per share in the year-ago period.

In June, the company initiated a restructuring plan which included reducing its workforce and field offices and also plans to concentrate on existing fiber networks and limit new projects.

The move is expected to result in approximately $100 million of annualized run-rate operating cost savings.

"Moving forward, we are focused on continuing to progress the Fiber segment strategic review, which remains active and ongoing," the company said in an earnings statement.

The company, which competes with American Tower and SBA Communications, maintained its outlook for full-year 2024. (Reporting by Priyanka.G in Bengaluru; Editing by Mohammed Safi Shamsi)