Flashback: What Was The World Like Last Time Apple Missed?

The buzz on Wall Street Wednesday was the big drop in Apple Inc. (NASDAQ: AAPL)'s stock following its Q2 earnings report. The company reported earnings of $1.90 per share on sales of $50.56 billion; estimates called for EPS of $2.00 and sales of $51.97 billion. Apple's guidance was also a big disappointment, with Q3 sales projected to come in at $41–$43 billion vs. $47 billion estimates.

The stock closed at $97.82.

This was the first year-over-year sales decline for the tech behemoth since 2003. Also, iPhone sales came out at 51.2 million; while the figure was about 1 million above estimates, it was the first sales decline in the product's history.

Related Link: 5 Positives And 5 Negatives From Apple's Earnings Report

So, what exactly was the world like in 2003? Let's take a look back.

Markets

• The S&P 500 and Dow Jones Industrial Average were both trading around the 8,000 mark.
• Oil was trading under $30 a barrel.
• The average price of gasoline at the pump was about $2.30 per gallon.

Apple

• The now-$538 billion market cap company was trading under $10 a share.
• The iTunes Music Store was launched with 200,000 songs at $0.99 each. iTunes downloads topped 25 million songs and the number of iPods sold through the year was 2 million.
• The iPhone was still four years away from being introduced.

Entertainment

• Best Picture Oscar Winner: "Chicago"
• Top-Rated TV Show: "CSI: Crime Scene Investigation"
• Billboard's Top Single: "In da Club" by 50 Cent

Sports

• Super Bowl Champion: Tampa Bay Buccaneers
• World Series Champion: Florida Marlins
• Stanley Cup Champion: New Jersey Devils