We study expansion and information diffusion in dynamic networks, that is in networks in which nodes and edges are continuously created and destroyed. We consider information diffusion by {\em flooding}, the process by which, once a node is informed, it broadcasts its information to all its neighbors. We study models in which the network is {\em sparse}, meaning that it has $\mathcal{O}(n)$ edges, where $n$ is the number of nodes, and in which edges are created randomly, rather than according to a carefully designed distributed algorithm. In our models, when a node is "born", it connects to $d=\mathcal{O}(1)$ random other nodes. An edge remains alive as long as both its endpoints do. If no further edge creation takes place, we show that, although the network will have $Ω_d(n)$ isolated nodes, it is possible, with large constant probability, to inform a $1-exp(-Ω(d))$ fraction of nodes in $\mathcal{O}(\log n)$ time. Furthermore, the graph exhibits, at any given time, a "large-set expansion" property. We also consider models with {\em edge regeneration}, in which if an edge $(v,w)$ chosen by $v$ at birth goes down because of the death of $w$, the edge is replaced by a fresh random edge $(v,z)$. In models with edge regeneration, we prove that the network is, with high probability, a vertex expander at any given time, and flooding takes $\mathcal{O}(\log n)$ time. The above results hold both for a simple but artificial streaming model of node churn, in which at each time step one node is born and the oldest node dies, and in a more realistic continuous-time model in which the time between births is Poisson and the lifetime of each node follows an exponential distribution.