NEW YORK ( TheStreet) -- Facebook is reportedly pulling the plug on its daily deals service.
According to Reuters, the social networking giant is ending its competition with Groupon and others who have entered the booming space of late after just four months of testing among its members. The service will be shuttering in "coming weeks," Facebook said in an emailed statement, the report stated.
Facebook has more than 750 million active users, but is facing increased competition from Google (GOOG) and its Google Plus service.
The stakes are rising in the daily deals business as well with Groupon and LivingSocial both pursuing initial public offerings to build up their dry powder, and more and more players getting in the act, such as Local.com (LOCM), which agreed to acquire the operator of the Screamin' Daily Deals web site in early July to augment its Spreebird offering.-- Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV