Live Nation Entertainment Inc. (NYSE:LYV) shares moved lower Thursday after its Ticketmaster unit cut 350 employees, representing 8% of its global staff, across 25 countries.

LYV stock is moving lower. See the chart and price action here.

The layoffs primarily hit engineering, product and design roles, with contractors also reduced, according to Pollstar.

Ticketmaster Global President Saumil Mehta said the cuts were aimed at "stronger prioritization," including flattening layers, consolidating ownership and putting more energy behind specific initiatives.

The timing is notable because the reductions came just after Live Nation reported first-quarter results showing continued ...