Bloomberg reports that Adobe's Chief Executive Officer Shantanu Narayen has revealed that Adobe is working with Apple on bringing Flash support to the iPhone:
Its a hard technical challenge, and thats part of the reason Apple and Adobe are collaborating, Narayen said today in a Bloomberg Television interview from the World Economic Forum in Davos, Switzerland. The ball is in our court. The onus is on us to deliver.
Flash is a very popular web plug-in that is used to deliver animation and video content on the web. Apple's iPhone has notably not supported Flash since its launch.
In March, Steve Jobs even said that the the current version of Flash performed too slowly on the iPhone. It's not clear what might have caused the change of heart, though Adobe announced in November that they were partnering with ARM to create an optimized implementation of Flash specifically for the ARM11 family of processors. Apple's iPhone is based on these processors, so it may be seeing the benefit of this collaboration.