During Adobe’s Q2 earnings call last night CEO Shantanu Narayen said that Adobe had a working version of Flash on the iPhone, albeit on an emulator:

We have a version that’s working on the emulation. This is still on the computer and you know, we have to continue to move it from a test environment onto the device and continue to make it work. So we are pleased with the internal progress that we’ve made to date.

It should be noted that Steve Jobs and Apple have been critical of Flash so Adobe doesn’t only have a technical hurdle but also a business one.

Also a good time to remind readers of Walt Mossberg’s announcement last July that Adobe would be bring Flash to the iPhone in an upcoming software update.