Cramer: I 'Gave Up' on Oracle, Buying Facebook
Oracle on Thursday reported it missed expectations for software sales and subscriptions for the second straight quarter, sending its shares plunging as investors worried CEO Larry Ellison may have trouble getting the technology giant back on track.
Oracle executives the same day forecast new software sales and subscriptions will rise 0 percent to 8 percent this quarter, blaming weakness in the past quarter on disappointing sales in Asia and Latin America.
"My advice to Larry Ellison is that no man is an island," Cramer said Friday on "Squawk on the Street". "This is one my charitable trust gave up on last night. You can't take it anymore."
"This was a disappointing quarter, we've owned it, we did some selling in it. Threw in the towel, it was just enough," Cramer said. "There are enough companies that are doing well."
(Read More: Oracle's Cloud Subscriptions Disappoint; Shares Dive)
"My charitable trust, we were believers. We got had. I don't like being had. I believed, and my belief was misplaced. I was wrong about Oracle."
He agreed that "horrendous" numbers from overseas should have investors concerned more broadly, but Oracle's problems stem from the inability to close deals, Cramer said.
Ellison blamed Oracle's performance on the poor global economic environment, saying on the analyst conference call that "It was clearly an economic issue, not a product, competitive issue."
"I don't want to hear that May was a weak month," he said, adding that competitor Micron Technology didn't report weakness in the same time period.
On the purchase of the stock for his charitable trust, Cramer said that he "couldn't have been more wrong on Oracle. Maybe this is the big turn, but that's what I thought last time. That was incorrect."
In the tech space, Cramer is bullish on Facebook, adding to the position in his charitable trust. His thesis is around the value of Facebook's video strategy, the must-use perspective from advertisers and an implied market bias in the wake of the company's botched IPO last year.
"This company's IPO destroyed any sort of positives that could come from the actual business. It's like a scab that keeps being picked," Cramer said. "My charitable trust bought it because I actually looked at the fundamentals."
"Everyone lost money on the stock so it's going to take a long time to come back," he said. "I'm telling you the business is good, my trust would never buy a stock if business was bad. My trust sells stocks when business is bad."
—Reuters contributed to this report