"They have figured it out," Cramer said on "Squawk on the Street" Thursday. "They are making a ton of money on mobile, they are the only guy that is making a ton off mobile. This time last year they didn't even have a mobile strategy to speak of."
Advertising on Facebook has improved and the company is executing well on areas like local ads, personalization and direct selling, Cramer said. "Not only that, but people like the ads."
The social media giant reported revenue of $1.81 billion, up 53 percent from $1.18 billion a year earlier. Mobile advertising revenue represented about 41 percent of Facebook's $1.60 billion in total advertising revenue in the quarter. Mobile made up just 30 percent of ad revenue in the first quarter.
(Read more: Facebook earnings beat; shares jump 20%)
"They've taken three or four quarters to try to fix the mobile issue," RBC Capital Markets analyst Mark Mahaney told CNBC after the report. "They've gone from zero of their revenue being mobile to almost 50 percent now. That's pretty good evidence that they've fixed the mobile issue."
With the good quarter, expenses were on the rise, because the company is spending on expansion, but even with this, Cramer said that its capital expenditures were "not as bad as I thought."
"Everything seems to fall to the bottom line because they don't have any cost structure," he said, and the fact that Facebook caters to direct-response advertisers, local advertisers and consumer product advertisers, it is set to "basically take share from everybody."
(Related: Facebook surges as 'mobile first' pays off)
In addition, "if you want to be an emerging markets player and advertise … guess what, you have got to funnel money to Facebook," Cramer said. And although the younger generation is loathe to admit that they click on social ads, "they're buying like heck on Facebook."
As a result, Cramer said, "I think it's going to go a straight shot to $38, to be honest." Investors are searching the market for companies with strong revenue growth, he explained, and "This company has got the most outstanding revenue growth of the quarter, even better than Schlumberger in terms of expectations … this was a better quarter than Google."
Cramer also pointed out that Twitter to this point hasn't taken share from its biggest rival in the social media space, "maybe it's an expanding pie for everybody."
However, "when the Google guys see this, they're going to say 'holy cow, we've just been pantsed by Facebook!' and they might actually use that verb," he said.
Cramer's charitable trust owns shares of Facebook, DuPont and General Electric.