Apple has posted a revenue of US$81.8 billion for the third quarter of the fiscal year 2023. While profits were down one percent year over year, the company had a record quarter in  service revenue, according to financial results released by the tech giant.

“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO.

Apple also saw an increase of products in continued, active, use.

“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated very strong operating cash flow of US$26 billion, returned over US$24 billion to our shareholders, and continued to invest in our long-term growth plans.”

Apple is widely expected to unveil its new iPhone on 15 September.