Calling -sizeToFit
on UILabel instance will automatically resize it to fit text it displays, no calculating required. If you need the size, you can get it from label's frame property after that.
label.numberOfLines = 0; // allows label to have as many lines as needed
label.text = @"some long text";
[label sizeToFit];
NSLog(@"Label's frame is: %@", NSStringFromCGRect(label.frame));