"Look what happened with Facebook over the past three years: they had no position in mobile now they've got half their profits from mobile. These social network businesses can change very, very quickly, so I wouldn't count Twitter out at this point," Sculley, now a high-tech entrepreneur, told CNBC.
Twitter's third-quarter user growth slowed and its loss widened, contributing to an 11 percent decline in after-hours trading on Monday.
The site reported a 7 percent on-year fall in timeline views per user – a key of measure of engagement – in the three months to September.
While, the company more than doubled its revenue, its net loss widened to $175.5 million from nearly $65 million during the same quarter last year.
"[Twitter's] business model is one that's still evolving," said Sculley. "They are trying to put a 'buy' button in and if they are successful with that, it could open up a whole new opportunity."
Twitter is experimenting with a "buy" button in some tweets that allows a mobile user to buy directly from a tweet. Facebook has also been testing out a similar service on its websites that will let consumers purchase products that are advertised on its network.
Next big thing in tech
The next big trend in the tech world is consumers will be firmly in the driving seat, Sculley said.