Cramer: Theresa May 'may or may not be prime minister'

• U.K. Prime Minister Theresa May "botched" the election, Jim Cramer says.
• "Theresa may or may not be the prime minister. If you want certainty, then I think you're not going to get it from her reign," Cramer says.

Britain's Prime Minister Theresa May returns to 10 Downing Street with her husband Philip after traveling to Buckingham Palace to ask the Queen's permission to form a minority government, in London, June 9, 2017.

Eddie Keogh | Reuters

U.K. Prime Minister Theresa May "botched" her party's chances of a clear majority after she called for a snap election, CNBC's Jim Cramer said Friday.

"Theresa may or may not be the prime minister. If you want certainty, then I think you're not going to get it from her reign," Cramer said on "Squawk on the Street."

Cramer spoke after May's Conservative Party lost its parliamentary majority in the U.K. general election, according to results Friday. May said she hopes to continue as party leader and prime minister despite calls for her to resign.

On Friday, May asked permission from the queen to form a new government. Europe's markets were mixed after May announced she would form a government alliance with Northern Ireland's Democratic Unionist Party. The sterling took a beating, however.

Cramer said he was surprised by the market's muted reaction to the results, given that it was a "major gaffe."

"The pound we can say is a big sell-off. I don't regard this as a huge sell-off, given how seriously she botched this thing," Cramer said.