Facebook Mobile ‘Failing’: Porter Bibb

Facebook faces some long-term headwinds, Porter Bibb of Media Tech Capital Partners said Wednesday on CNBC.

"I cannot hit the 'Like' button," he said.

Facebook reports quarterly earnings after the closing bell.

On "Fast Money," Bibb laid out a multi-pronged argument for why he wasn't a buyer of Facebook stock.

(Watch Video: Facebook Bull vs. Bear)

"They're losing important membership viewing time," he said. "Their hours spent on Facebook are down by Comscore. They're failing, really, to hit Madison Avenue and the advertisers with any conclusive way to put mobile advertising into a money machine."

Acknowledging Facebook's large user base, Bibb dug below the surface.

"You can't ignore the critical mass of 1.1 billion users, but most of that growth is coming from emerging markets, not here," he said. "They're stagnating in Europe and the U.S., and Madison Avenue is not impressed with the fact that they can't do anything more in terms of capitalizing on the social media aspect of mobile advertising."

Bibb said that Facebook CEO Mark Zuckerberg missed a crucial shift.

(Read More: Mobile Will Push Facebook to $37: Analyst)

"Mobile took over like a tsunami, as everybody has commented, and it caught everyone off-guard, mainly Zuckerberg," he said. "But companies like Intel and Cisco and Microsoft missed out, too. There's no critical mass for mobile and Facebook."

Despite Facebook's estimated $350 million in mobile advertising revenue, Bibb also argued that it was relatively small.

"It's still only a quarter of their total advertising revenue, and the PC side is shrinking faster than we can count," he said. "So, they've got to do something more. There's an intrusiveness in mobile advertising."

(Read More: How Facebook Can Finally Start Making Money Off Instagram)

Bibb gave Facebook credit for its Home mobile interface but added that it wasn't likely to make much of an impact.

"Facebook Home is a brilliant concept, but I'm not sure that they can sell it to the rest of the wireless world. That's the problem. They're in less than 3 percent of the mobile market right now with Home," he said. "It's dynamite, and we all would stand up and cheer and they'd hit $38, $40, $45 a share overnight if they could really get some traction, but they won't."

Trader disclosure: On May 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Enis Taner is long GS; Enis Taner is long AAPL CALL FLY; Enis Taner is long QCOM CALL FLY; Enis Taner is long XLE PUTS; Enis Taner is long FXE PUTS; Enis Taner is long XHB PUTS; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long BBRY STOCK & CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB STOCK & CALLS; Pete Najarian is long F CALLS; Pete Najarian is long MRK ; Pete Najarian is long BMY; Simon Baker is long AAPL; Simon Baker is long C; Simon Baker is long YHOO; Simon Baker is long SBUX; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long F; Simon Baker is long SHK; Simon Baker is long JNJ; Simon Baker is long GIS; Simon Baker is long ORCL; Simon Baker is long COH; Jon Najarian is long BZH CALLS; Jon Najarian is long CTSH CALLS; Jon Najarian is long OC CALLS; Jon Najarian is long SPX; Jon Najarian is long EEM; Jon Najarian is long FXI.