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Netflix's international growth trouble

Data: Investing.com; Chart: Axios Visuals

Netflix could face trouble if its international growth hits a wall, analysts from Evercore ISI said in a note Friday.

Where it stands: International downloads of the Netflix app have been slowing since July. The app’s international downloads in the Apple App Store and Google Play Store this month have grown about 5% from the same period last year, compared to 21% growth in July and August.

What they're saying: "We believe the risk of the data pointing to a Q3 international subscriber miss is real at this point if our checks do not meaningfully improve into the end of the month," the analysts said in the note.

Of note: Netflix has been spending significant cash overseas, dropping $500 million on a U.K. studio last year with expectations to increase that number this year.

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