Flash has been pitted against a more contemporary web development technology HTML5 and has lost the war. Apple has certainly championed the battle by refusing to support Flash on it's ground-breaking mobile platform--the iPhone OS. Many web and mobile developers have criticized the Flash platform for it's instability, inefficiency, and security short-comings. Yet, it's rival, HTML5, has encapsulated many of the capabilities that used to define Flash for development online.
The removal of Flash in no way signifies the downfall of Adobe as an Internet leader. Adobe has also begun to embrace HTML5. Additionally, it's investments in content management, analytics and creative software still places Adobe in a true leadership position for online advancement.