Feb 26 (Reuters) - Wireless tower operator SBA Communications on Monday forecast full-year 2024 revenue below Wall Street estimates, on the likelihood of sluggish wireless carrier activity after an initial surge in 5G deployments.

Wireless carriers are now dialing back spending in an uncertain economy, hitting firms such as SBA Communications.

"While domestic carrier activity was at a low level by historical standards during 2023, a significant percentage of our sites still require 5G-related upgrades," CEO Brendan Cavanagh said in a statement.

SBA, which competes with companies such as Crown Castle and American Tower, leases space and also manages tower sites for wireless service providers including AT&T, T-Mobile US and Verizon Communications .

SBA expects annual revenue between $2.67 billion and $2.71 billion, which is below analysts' average estimate of $2.75 billion, according to LSEG data.

The Florida-based company posted revenue of about $675 million in the fourth quarter ended Dec. 31, missing estimates of $682.2 million.

Its adjusted funds from operations - a key measure of cash flow - came in at $3.36 per share for the reported quarter, compared with estimates of $3.32.

Adjusted core earnings rose about 4% to $480.7 million, compared with expectations of $480.6 million.

SBA's site leasing revenue stood at $636.1 million, compared with estimates of $637.9 million. (Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber)