Fair Isaac stock is on a nightmarish run -- and it just announced a raft of job cuts but these won't be enough to change investors' minds about the struggling credit score provider, down 59% this year due to fiercer competition.

Fair Isaac said in a filing late Tuesday that it would eliminate about 15% of positions throughout the company. It expects the cuts to cost it $27 million in pretax charges for the fourth quarter of fiscal 2026.

Shares of FICO slid 0.1% to $694.80 ahead of Wednesday's opening bell. They were down 59% for the year through Tuesday's close.

It's partly an artificial intelligence story. The company said it would integrate "AI-driven product development" as part of the workforce reduction plan.

Slashing jobs tends to give a stock a short-term boost, as it leads to lower operating costs. The $27 million figure is a drop in the ocean for Fair Isaac, which posted $652 million in net income last year.

But perhaps Wall Street wasn't impressed because the workforce reduction plan comes from a position of weakness, rather than strength.

Fair Isaac stock had its worst day since 1989 last month after Bill Pulte, director of the Federal Housing Finance Agency, said a new mortgage pricing structure would incorporate VantageScore, a direct competitor to Fair Isaac's FICO scores.

The hope for investors is that shares have now bottomed. But even if job cuts help reduce costs, they won't save Fair Isaac from the new competitive threat.