Facebook is getting out of the daily deals business after four months of testing, a move that may ease some competitive pressure on industry leaders Groupon and LivingSocial.

"After testing Deals for four months, we've decided to end our Deals product in the coming weeks," the company said on Friday in a statement emailed to Reuters.

"We think there is a lot of power in a social approach to driving people into local businesses," Facebook added in the statement. "We've learned a lot from our test and we'll continue to evaluate how to best serve local businesses."

Facebook, the world's largest social network, launched Facebook Deals in April, bringing competition to daily deals leader Groupon and rival LivingSocial.