Verizon, the nation's largest wireless carrier, said Monday its second-quarter profit fell 21 percent as cost-cutting in its wireline business failed to keep pace with falling revenues.

Apple, the maker of the popular smartphone, is conducting high-level discussions with Verizon Wireless to sell a version of the iPhone that would work on Verizon’s network, according to a person briefed on the negotiations. The phone could be available as soon as next year.