The Magpies lost 2-1 to seven-time European champions and semi-finalists last season, AC Milan, at St James' Park on Wednesday night.
Joelinton thumped Eddie Howe's side into a half-time lead before former Chelsea forward Christian Pulisic and Samuel Chukwueze turned the game around.
It meant Newcastle finished bottom of Group F with five points and prompted talkSPORT host Cundy to label their exit a 'disaster'.
Dave, the Newcastle fan, was quick to hit back at the ex-Chelsea star after his side's defeat.
"You want to talk about disasters? Try spending a billion quid and finishing in the bottom half of the Premier League table," he told Darren Ambrose and Cundy on Sports Bar.
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Cundy responded: "Dave, come back when you have won the Champions League twice.
"Dave, I wonder if the owners will privately look at your campaign in Europe after the first two games and look at Eddie Howe and say, 'Okay, we will see how we develop next season."'
The caller then added: "Eddie Howe has a lot of credit in the bank as far as I am concerned.
"Look, I think maybe it was too soon for us, me personally. I have been given some great memories, some great goals, and some great games."
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Cundy then quickly said: "Glorious failure? That is what you have just described.
"It is a small-club mentality. Thanks for the memories, we saw Paris Saint-Germain win and we travelled around Europe.
Post-match press conference: Eddie Howe (Champions League: Newcastle 1-2 Milan)
"If you are going to mix with the big boys, you have to start behaving like one.
"The owners will look back on Eddie Howe's competitions in Europe; he has won one out of six.
"You can have this conversation another time, but right now, Eddie Howe is in charge of Newcastle, and the others want to win this competition.
"Amanda Staveley [Newcastle's part-owner] came out and said, 'We will win the Champions League', which is a disappointing result.
"I'm just saying that this result in Europe has been a disaster."