Digg announced Monday that it is shedding 37 percent of its staff in order to return the company to profitability by 2011.

"To reach our goals, we have to take some difficult steps. The fact is our business has a burn rate that is too high. We must significantly cut our expenses to achieve profitability in 2011," Digg chief executive Matt Williams wrote in an e-mail to staff, which he posted today on Digg's blog. "We've considered all of the possible options for reduction, from salaries to fixed costs. The result is that, in addition to lowering many of our operational costs, I've made the decision to downsize our staff from 67 to 42 people."

If this story sounds all-too-familiar, that's because it is. In May, then-CEO Kevin Rose fired 10 percent of his staff just one month after assuming the CEO role from Jay Adelson. Williams, a former Amazon executive, joined Digg in late August.

Coincidentally, today All Things Digital reported that Digg's publisher and chief revenue officer Chas Edwards is leaving the company to join photo-tagging ad platform, Pixazza, in a similar capacity.

Digg has had a rough year. Digg infuriated its cult-like following after a site overhaul in August, which led to a 24 percent drop in traffic. The changes essentially tipped the link-sharing site's balance of power towards advertisers.

Meanwhile, Digg also struggles to appease its investors, who have poured over $40 million worth of venture capital into the six-year-old company.

Last Wednesday, Digg announced changes to its year-old Digg Ads program to let users Digg or hide display ads. Digg is also testing testing Digg Ad sharing, which will automatically share an add you digg with friends who follow your "My News" feed.