Eddie Howe said Newcastle were "absolutely devastated" after a 2-1 home loss to AC Milan saw them finish bottom of their Champions League group.
The Magpies had a chance of making the last 16 heading into the contest but ended up out of Europe completely after Joelinton's opener was cancelled out by a Christian Pulisic effort before Samuel Chukwueze won it for the visitors.
Boss Howe told TNT Sports: "I think we gave everything to the match, I don't think I can ask any more of the players, the commitment, effort, physical exertion. Unfortunately for us it wasn't to be today.
"I thought there were some really good bits in our performance, I thought we were dominant at times. We probably needed a second goal and didn't defend the two goals well.
"It was very much end to end, you attack, we attack, both teams you could see were desperate to win. We very much embraced that. We had to be brave, they had to be brave, and it made for a very good game.
"Probably not our best technical performance, that was probably the disappointing thing on the night, but we did create chances, and we're absolutely devastated not to go through."
Asked what he felt he had learnt from the European campaign, Howe said: "So much, and the value of the squad first an foremost - and that's what's exposed us really, the fact we haven't had the ability to utilise the squad that we created, and that's been a big frustration for us.
"We feel like we've almost gone into games, not with one hand tied behind our back, but to a degree very limited on what we can do. That hasn't helped our situation."
He added: "I think always you have to use disappointments and setbacks as a motivation and a learning tool, and fuel for your fire to make sure you continue to achieve.
"We'll go back to the Premier League now and try and do as well as we can, be consistent and try to stay up there."
For opposite number Stefano Pioli, who headed into the game at St James' Park under pressure and with former striker Zlatan Ibrahimovic having been drafted in as a senior adviser, there were mixed feelings.
Pioli said: "We definitely wanted to continue our path in the Champions League and that is very difficult. It was a bittersweet evening.
"What we could do this evening we did. Of course we're disappointed about the Champions League and we regret it. Clearly we're disappointed, but we also have the conviction that we're a team that can do well."
