Kelly noted that Twitter would make a good trade—but not investment—around $42 per share, where it closed Tuesday. However, he said the company had "an execution problem."
Trader Tim Seymour said the stock price looked appealing after the selloff. He felt it was too early to write off the company's year-over-year revenue growth of 74 percent, which was short of rates seen in many previous quarters.
Twitter is still figuring out its products and revenue streams, said trader Steve Grasso, who is long in the stock.
"They don't know what they are. We don't know what they are," he said.
He contended that Twitter made a strong buy where it fell today.
GoPro—another tech name reporting Tuesday—flourished as Twitter suffered. Shares jumped 9 percent in extended trading after the camera maker posted quarterly profit and sales that topped Wall Street's estimates and solid guidance.
Read MoreGoPro's revenue, profits beat Street; shares rise
Trader Pete Najarian said GoPro does not seem overpriced because of its current growth. Revenue rose 54 percent year-over-year.
Kelly added that he would buy GoPro where it is trading, around $50 per share, as it has shown signs of establishing itself as a media company.
Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YHOO.
Pete is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, LOCO, MBLY, MRK, PEP and PFE. He is long calls AAL, AAPL, BK, BX, CBS, CELG, CIEN, CSX, DAL, DB, EEM, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, JBLU, JOY, KO, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, VZ, XLF, XOM and ZIOP. Today, he bought CIEN calls and AAL calls.
Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long IBM, FCX, OXY, RIG, NE, TSE and VALE. His kids own EFG, EFA, EWJ, IJR and SPY.
Brian Kelly is long BTC=, GSG, BBRY, SPY puts and U.S. dollar. He is short 30-Year bond futures. He is short Australian dollar. He is short yen. He is short yuan.