Amid Facebook's unprecedented after-hours plunge Wednesday, Loup Ventures' Gene Munster advised investors to stay far away from the stock in the near term.

"I think you just stay on the sidelines, let the investor base process this and revisit where things are at in two months," Munster said on CNBC's "Fast Money."

Following a revenue miss for the company and a drop in daily active users in Europe, Facebook warned investors of weakening revenue for the second half of the year, which sent shares tumbling more than 20 percent. Chief Financial Officer David Wehner said shareholders can expect "revenue growth rates to decline by high single-digit percentages from prior quarters" for the third and fourth quarter.

Munster called the move "an unprecedented guide-down," adding that Facebook probably didn't need to weaken guidance quite so drastically, but that the decision inspired confidence that "we are not going to have another issue next quarter where they ratchet down growth even more."

"I think they see what is happening with the engagement and business and they are taking dramatic steps to reset expectations. I think they are going slightly too far, but I think it still is representative of a new paradigm — a new view — that investors need to have about the growth-rate of Facebook," Munster said.

Munster warned that some analysts may view Facebook's drop as a buying opportunity, but recommended investors "largely stay away from it for the quarter."