Despite missing earnings expectations, Google's profits could explode if the company figures out the best way to monetize YouTube, CNBC's Jim Cramer said Friday, before the stock opened at a record high.
"Google is a monster," Cramer said on "Squawk on the Street." "It's a beast."
Google reported a 22-percent revenue increase in its core Internet business when it posted quarterly earnings Thursday, missing analysts' expectations on profits.
(Read more: Google's strength in advertising to drive growth - analysts)
Cramer said Google has so much cash it could buy rights to broadcast NFL games if it wanted to, and that the tech giant could even set up a pay-per-view framework for streaming matchups, he said. If Google's leadership figures out YouTube, earnings could double, he said. Google reported $16.86 billion in revenue during the last quarter.