diff --git a/benchmarks/src/jmh/kotlin/benchmarks/flow/TakeBenchmark.kt b/benchmarks/src/jmh/kotlin/benchmarks/flow/TakeBenchmark.kt
new file mode 100644
index 0000000000..84afca2439
--- /dev/null
+++ b/benchmarks/src/jmh/kotlin/benchmarks/flow/TakeBenchmark.kt
@@ -0,0 +1,138 @@
+/*
+ * Copyright 2016-2019 JetBrains s.r.o. Use of this source code is governed by the Apache 2.0 license.
+ */
+
+package benchmarks.flow
+
+import kotlinx.coroutines.*
+import kotlinx.coroutines.flow.*
+import org.openjdk.jmh.annotations.*
+import java.util.concurrent.*
+import java.util.concurrent.CancellationException
+import kotlin.coroutines.*
+import kotlin.coroutines.intrinsics.*
+import benchmarks.flow.scrabble.flow as unsafeFlow
+
+@Warmup(iterations = 5, time = 1, timeUnit = TimeUnit.SECONDS)
+@Measurement(iterations = 5, time = 1, timeUnit = TimeUnit.SECONDS)
+@Fork(value = 1)
+@BenchmarkMode(Mode.AverageTime)
+@OutputTimeUnit(TimeUnit.MICROSECONDS)
+@State(Scope.Benchmark)
+open class TakeBenchmark {
+    @Param("1", "10", "100", "1000")
+    private var size: Int = 0
+
+    private suspend inline fun Flow<Long>.consume() =
+        filter { it % 2L != 0L }
+            .map { it * it }.count()
+
+    @Benchmark
+    fun baseline() = runBlocking<Int> {
+        (0L until size).asFlow().consume()
+    }
+
+    @Benchmark
+    fun originalTake() = runBlocking<Int> {
+        (0L..Long.MAX_VALUE).asFlow().originalTake(size).consume()
+    }
+
+    @Benchmark
+    fun fastPathTake() = runBlocking<Int> {
+        (0L..Long.MAX_VALUE).asFlow().fastPathTake(size).consume()
+    }
+
+    @Benchmark
+    fun mergedStateMachine() = runBlocking<Int> {
+        (0L..Long.MAX_VALUE).asFlow().mergedStateMachineTake(size).consume()
+    }
+
+    internal class StacklessCancellationException() : CancellationException() {
+        override fun fillInStackTrace(): Throwable = this
+    }
+
+    public fun <T> Flow<T>.originalTake(count: Int): Flow<T> {
+        return unsafeFlow {
+            var consumed = 0
+            try {
+                collect { value ->
+                    emit(value)
+                    if (++consumed == count) {
+                        throw StacklessCancellationException()
+                    }
+                }
+            } catch (e: StacklessCancellationException) {
+                // Nothing, bail out
+            }
+        }
+    }
+
+    private suspend fun <T> FlowCollector<T>.emitAbort(value: T) {
+        emit(value)
+        throw StacklessCancellationException()
+    }
+
+    public fun <T> Flow<T>.fastPathTake(count: Int): Flow<T> {
+        return unsafeFlow {
+            var consumed = 0
+            try {
+                collect { value ->
+                    if (++consumed < count) {
+                        return@collect emit(value)
+                    } else {
+                        return@collect emitAbort(value)
+                    }
+                }
+            } catch (e: StacklessCancellationException) {
+                // Nothing, bail out
+            }
+        }
+    }
+
+
+    public fun <T> Flow<T>.mergedStateMachineTake(count: Int): Flow<T> {
+        return unsafeFlow() {
+            try {
+                val takeCollector = FlowTakeCollector(count, this)
+                collect(takeCollector)
+            } catch (e: StacklessCancellationException) {
+                // Nothing, bail out
+            }
+        }
+    }
+
+
+    private class FlowTakeCollector<T>(
+        private val count: Int,
+        downstream: FlowCollector<T>
+    ) : FlowCollector<T>, Continuation<Unit> {
+        private var consumed = 0
+        // Workaround for KT-30991
+        private val emitFun = run {
+            val suspendFun: suspend (T) -> Unit = { downstream.emit(it) }
+            suspendFun as Function2<T, Continuation<Unit>, Any?>
+        }
+
+        private var caller: Continuation<Unit>? = null // lateinit
+
+        override val context: CoroutineContext
+            get() = caller?.context ?: EmptyCoroutineContext
+
+        override fun resumeWith(result: Result<Unit>) {
+            val completion = caller!!
+            if (++consumed == count) completion.resumeWith(Result.failure(StacklessCancellationException()))
+            else completion.resumeWith(Result.success(Unit))
+        }
+
+        override suspend fun emit(value: T) = suspendCoroutineUninterceptedOrReturn<Unit> sc@{
+            // Invoke it in non-suspending way
+            caller = it
+            val result = emitFun.invoke(value, this)
+            if (result !== COROUTINE_SUSPENDED) {
+                if (++consumed == count) throw StacklessCancellationException()
+                else return@sc Unit
+            }
+            COROUTINE_SUSPENDED
+        }
+    }
+}
diff --git a/kotlinx-coroutines-core/common/src/flow/operators/Limit.kt b/kotlinx-coroutines-core/common/src/flow/operators/Limit.kt
index 7f638f9814..1343dad868 100644
--- a/kotlinx-coroutines-core/common/src/flow/operators/Limit.kt
+++ b/kotlinx-coroutines-core/common/src/flow/operators/Limit.kt
@@ -55,9 +55,10 @@ public fun <T> Flow<T>.take(count: Int): Flow<T> {
         var consumed = 0
         try {
             collect { value ->
-                emit(value)
-                if (++consumed == count) {
-                    throw AbortFlowException()
+                if (++consumed < count) {
+                    return@collect emit(value)
+                } else {
+                    return@collect emitAbort(value)
                 }
             }
         } catch (e: AbortFlowException) {
@@ -66,6 +67,11 @@ public fun <T> Flow<T>.take(count: Int): Flow<T> {
     }
 }
 
+private suspend fun <T> FlowCollector<T>.emitAbort(value: T) {
+    emit(value)
+    throw AbortFlowException()
+}
+
 /**
  * Returns a flow that contains first elements satisfying the given [predicate].
  */
diff --git a/kotlinx-coroutines-core/common/test/flow/operators/TakeTest.kt b/kotlinx-coroutines-core/common/test/flow/operators/TakeTest.kt
index 711034969f..8ea137df08 100644
--- a/kotlinx-coroutines-core/common/test/flow/operators/TakeTest.kt
+++ b/kotlinx-coroutines-core/common/test/flow/operators/TakeTest.kt
@@ -21,6 +21,27 @@ class TakeTest : TestBase() {
         assertEquals(2, flow.drop(1).take(1).single())
     }
 
+    @Test
+    fun testIllegalArgument() {
+        assertFailsWith<IllegalArgumentException> { flowOf(1).take(0) }
+        assertFailsWith<IllegalArgumentException> { flowOf(1).take(-1) }
+    }
+
+    @Test
+    fun testTakeSuspending() = runTest {
+        val flow = flow {
+            emit(1)
+            yield()
+            emit(2)
+            yield()
+        }
+
+        assertEquals(3, flow.take(2).sum())
+        assertEquals(3, flow.take(Int.MAX_VALUE).sum())
+        assertEquals(1, flow.take(1).single())
+        assertEquals(2, flow.drop(1).take(1).single())
+    }
+
     @Test
     fun testEmptyFlow() = runTest {
         val sum = emptyFlow<Int>().take(10).sum()