"Second, advertising, which had gotten weaker, could be getting stronger now, particularly with Google's gigantic European business. It's entirely possible that a headwind could turn out to be a tailwind this quarter."
"Finally, Google hasn't even tried to monetize or even lever its tremendous smart phone operating system. That's something that could be 2013's big prospect, while at the same time they managed to shed the albatross that was the hardware portion of the Motorola Mobility acquisition."
Normally Cramer would put Google in the penalty box for at least one quarter after a miss like the one they reported late last year. However, as outlined above Cramer sees too many positive catalysts to do that.
Instead, he thinks any decline may be a buying opportunity.
"I don't like it as much as Facebook, which I think is transitioning into a terrific mobile play. But these changes at Google within the time frame of the last quarterly report are too terrific to ignore and the stock's become a buy on weakness, not a sell on strength, situation.