"Who the heck would have thought that Facebook could nearly save this market today?" Jim Cramer said Wednesday. "Tall order after yesterday's shellacking, but this company — with the most disgraced major IPO I can ever recall — reported a truly tremendous quarter last night and followed it up with the single best conference call of the whole fall season."
Facebook's stock soared more than 20 percent after the social-networking giant reported its revenue surged 32 percent, topping expectations, thanks to gains in mobile. At least four brokerages boosted their price targets on the company, while Citigroup, BofA Merrill and Stifel raised their rating to 'buy.'
(Read More: Facebook Woos Back Wall Street's Love With Mobile.)
Cramer praised CEO Mark Zuckerberg, who on Facebook's earnings conference call admitted that the company "hadn't started trying yet" at the beginning of the year, only to report that around 14 percent of the business is now mobile ad spend.
Zuckerberg also noted that a growing number of major advertisers prefer Facebook's mobile application over its desktop offerings because it's easier to reach people and boasts a higher rate of engagement — a bold claim, in Cramer's opinion, which Zuckerberg backed up with lots of data.
(Related: Facebook May Get $1 Billion From Mobile.)
Facebook made the right call by finally supporting the Apple mobile operating system, Cramer said. The company is just now rolling out its presentation on Google's Android platform, too. So while Facebook struggled with mobile during its last earnings conference call, Cramer thinks things seem to be turning around.
After listening to the call, Cramer got the sense that Facebook executives are "true capitalists who aren't just trying to build a social network, but are building an actual business — a social based advertising network — that after initially being blindsided by the mobile revolution is now one step ahead of it."
Read on for Cramer's 10 Hottest Momentum Stocks
When this story was published, Cramer's charitable trust owned Apple.
—CNBC.com and wires contributed to this report