Susan Montoya Bryan / AP

Lyft reportedly expects to turn a profit next year

Despite being much smaller than rival Uber, Lyft is reportedly shrinking the gap between its revenue and losses, and expects to be profitable in 2018, according to tech news site The Information.

In 2016, Lyft lost about $600 million and generated $700 million in revenue. The year before, it lost more than twice as much as it brought in: $200.6 million in revenue, and a loss of $412 million.

Why it matters:

  1. As The Information points out, there is a chance Lyft could turn a profit before Uber does, despite the latter being much larger and with deeper pockets.
  2. Lyft's steps toward profitability also show that the ride-hailing business model could prove to be sustainable, despite the skepticism about its reliance on subsidizing customers' rides.
Silicon Valley's FDA hopes

Entrepreneur and investor Balaji Srinivasan met with Trump on Thursday as a potential candidate to join the FDA. Srinivasan currently leads a Bitcoin startup, but he previously helped found a genetic testing company and headed a venture capital firm's health tech investments.

Trump also met with Jim O'Neill, a former Health and Human Services official under George W. Bush who currently works at a Silicon Valley investment firm founded by Peter Thiel.

Why it matters: It's no secret that Silicon Valley has long been frustrated with health and medicine regulations, largely avoiding those industries as a result. So it's no surprise that many are cheering the possibility that one of their own could push the FDA to be friendlier to entrepreneurs and make experimentation easier.

Go deeper

Trump administration cuts refugee cap to new record low

Photo: Mandel Ngan/AFP via Getty Images

The Trump administration plans to only admit a maximum of 15,000 refugees this fiscal year, the State Department said in a release late Wednesday evening.

Why it matters: This is yet another record low refugee cap. Before leaving office, President Obama set the refugee limit at 110,000 for fiscal year 2017 — a number Trump has continued to slash throughout his presidency.

Updated 34 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 34,018,143 — Total deaths: 1,014,995 — Total recoveries: 23,674,533Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 7,234,327 — Total deaths: 206,963 — Total recoveries: 2,840,688 — Total tests: 103,939,667Map.
  3. Health: New poll shows alarming coronavirus vaccine skepticism — New research centers will study "long-haul" COVID — Coronavirus infections rise in 25 states.
  4. Business: Remdesivir is good business for Gilead.
  5. Retail: The holiday shopping season will now begin in October.
  6. 🎧Podcast: The looming second wave of airline layoffs.
Kendall Baker, author of Sports
57 mins ago - Sports

Barstool jumps into sports betting

Illustration: Eniola Odetunde/Axios

Barstool Sports was founded in 2003 as a free gambling newspaper. It later became a sports blog before growing into a media empire, and now things have come full circle with the recent launch of its own branded sportsbook.

Driving the news: The Barstool Sportsbook app saw a record 21,000 downloads per day during its first weekend (Sept. 18–20), breaking DraftKings' and Fanduel's daily records despite Pennsylvania being the only state where it was operational.