The promise of Reddit's business has always been that it brings in millions and millions of eyeballs, hosts content that other websites use for themselves and has a highly engaged community that advertisers would love to reach.
Now Reddit says it has bolstered its sales staff and put its energy toward actually making money from digital ads. Additionally, it's cutting ties with one high-profile project that wasn't bringing in significant cash.
The Information's Amir Efrati reports that the Reddit-owned Reddit content farm Upvoted is officially dead, and that Reddit's $20 million 2016 revenue projection is well below its ambitious $35 million goal. But he and Fortune's Dan Primack, who wrote a lengthy profile of Reddit's leadership that also dropped today, suggest that there are signs of life in the company's sales unit, as big-name brands have started buying ads on the site.