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Microsoft is eliminating 3,000 jobs in a major company restructuring to shift focus toward its cloud services product, Azure, CNBC reports. The company said these cuts will largely impact salespeople based outside of the U.S., but only 10% of all sales jobs will be affected.

It's common for Microsoft to change its corporate structure at the start of a new fiscal year, though the layoffs this year are particularly steep. In total, Microsoft cut 7,400 employees in the 2016 fiscal year.

Why it matters: Azure is the source of most of Microsoft's recent growth. Redirecting resources to bolster the product positions the company to compete with Amazon and Google, both of which are building up cloud technology.

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BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.