Facebook's first quarter earnings were "amazing" and demonstrated that the company has finally figured out their mobile strategy, CNBC's Jim Cramer said Thursday.
"This was the best conference call of the quarter. I am not kidding. This was an amazing quarter," Cramer said on "Squawk on the Street."
(Read More: Facebook Revenue Beats, but Earnings Miss)
Unlike many other companies that are using their cash for dividends or buybacks, Cramer is encouraged that Facebook is actually investing in its business, with non-GAAP expenses up 56 percent to $895 million. "You want to hear a company investing a huge amount," he said. "They actually have something worth investing in. We don't want them to buy back stock, we don't want a dividend. We want growth. This company has it."