Cramer: Mario Draghi is crushing the euro

U.S. companies that do business overseas can expect more pain after Mario Draghi's news conference Thursday, CNBC's Jim Cramer said.

The president of the European Central Bank said more stimulus may be required to jump-start the European economy after his institution left interest rates unchanged.

"He managed to crush the euro. This is the quarter where our international companies are taking it on the chin," Cramer told "Squawk on the Street" on Thursday.

The euro erased its initial gains against the dollar as Draghi delivered his remarks.

Euro/dollar intradaySource: FactSet

Cramer also said the latest U.S. jobless claims figures are concerning for American companies and the economy. "I'm looking at the jobless claims number as much as I'm looking at Draghi."

Weekly jobless claims spiked to 293,000, a six-month high, the Labor Department said Thursday.