Apple’s recent move to allow applications developed using Adobe’s Flash Packager for iPhone tool for CS5 has had some effect, but only a “muted” one, claimed Adobe CEO Shantanu Narayen during that company’s Q3 financial call.

Adobe revenues hit $990.3 million in the quarter, up 42 percent on last year. Narayen talked up Flash mobile, saying, “Many smartphones, tablets and TVs are supporting the new Flash Player in the marketplace, including models from Google, Motorola, HTC, and Samsung,” he said, as noted by Mobile Entertainment News.

“In addition, we are working with strategic partners such as RIM, HP-Palm and Nokia to enable Flash on their platforms. And devices from Dell and LG and many other OSP partners will also soon be supporting Flash Player 10.1.”

On Apple’s move to slight detente — Apple still won’t allow Flash to slow down iPhones at this point — Narayen said, “In the short run, I would say the impact was muted.”

However, he also observed that several developers who’d used Adobe’s Flash to iOPS conversion tool saw their apps approved following the volte face.

“What we did see was that the day Apple announced the removal of the licensing restrictions that a number of people who had created products using our tool submitted that to the Apple Store and were approved. I think it just continues to reflect the opportunity which we have with our tools, which is to help designers and developers continue to develop their applications and content in our tools and repurpose it to multiple different output media. In the short run, I would say the impact was muted,” he said.

More concerning Adobe’s Q3 results here, courtesy of Seeking Alpha.

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