Yahoo is finally shuttering its Yahoo 360 social networking site after promising to do so nearly two years ago, Bloomberg reports. The Web giant is closing the social network next month due to competition from rivals and a slowdown in ad spending. After July 12, users will be unable to access their information, says a posting on the Yahoo 360 Web site.

The closure of Yahoo 360 leaves Yahoo with no presence whatsoever in social networking, as it also shut down its Mash social network last fall. Yahoo has also closed other underperforming sites in recent months, such as the travel service FareChase and the storage service Briefcase.

"Yahoo has been reprioritizing some products to help us deliver the best possible experiences to consumers," the company said in a blog posting. "The decision to close Yahoo 360 and transition users to profiles is part of this larger strategy."