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Cramer: Apple's 'big schism'

It's Tim Cook versus Wall Street, according to CNBC's Jim Cramer.

The conference call between the Apple CEO and analysts over the tech company's most recent earnings report—which beat revenue forecasts but disappointed on its smartphone sales—revealed a deep rift between Apple and market professionals, Cramer said Tuesday.

"There's a big schism developing," Cramer said on "Squawk on the Street." "The analysts have really turned on Apple now. This has become an unruly conference call. ... These are questions that you don't expect to be asked on an Apple conference call."

Analysts peppered Apple's leadership with questions about whether it remains a growth company and whether smartphone sales have peaked, Cramer said. The tech company sold a record 51 million iPhones during the last quarter, but that was about 4 million less than what analysts had expected.

"Is it just maybe all smartphones slowing down?" Cramer said.

(Read more: This is how bad it could get for Apple stock)

Apple shares dipped 8 percent when trading opened Tuesday. (Click here for the latest quote.)

Cramer said the stock's price-earnings ratio and potential development of mobile payments still make the shares attractive.

"I think people are going to say it's over," Cramer said. "No, I don't believe it's over. I believe the problem here is presentation."

On the earnings call, Apple officials fielded a question about stock buybacks, spurred from activist investor Carl Icahn's repeated calls for a stock repurchase plan. Cook responded that the company has "been buying back stock"—an answer sure to displease Icahn, Cramer said.

(Read more: Smartphone shipments surge as Apple's share tumbles)

Cramer said Cook is trying to appeal to the average investor, rather than Wall Street analysts and activists.

"We live in an expectations game, and Tim Cook knows that," Cramer said. "And what they're saying is that, 'We don't care about your expectations, analysts. We're doing this for the average person who owns the stock of Apple.' "

Disclosure: Cramer's charitable trust owns shares of Apple.

—By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street." Reuters contributed to this report.

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