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Cramer: Intel CEO is 'reinventing' the company

Intel's first-quarter guidance is being misinterpreted, according to CNBC's Jim Cramer.

Cramer said on CNBC's "Squawk on the Street" on Friday that the chip-manufacturing giant is "being wronged by these headlines."

"It was not [weak]," he said. "We're looking at [Intel] as a PC company; it's much more than that."

Intel reported fourth-quarter earnings of 74 cents per share on revenue of $14.72 billion on Thursday, toppling expectations for earnings per share of 66 cents on $14.71 billion in sales. Nevertheless, the company's first-quarter guidance for 2015 came up short as the PC market flattened.

Read More Intel can grow even with flat PC sales: CEO

Cramer added he is confident in the company's leadership, especially Brian Krzanich, Intel's chief executive. "Krzanich is reinventing the company before our eyes," he said. "I did not expect a good year last year [from Intel]," Cramer said. "I expected a bad year. I did not expect their strength in the fourth quarter, and I did not expect this company to broaden its reach and at the same time cut its losses."

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The company also reassured investors that the first quarter is not its strongest quarter, Cramer said. "They said 'the first quarter is seasonably down; don't worry about the second quarter.' They're spending less and doing much more with it."

—CNBC's Karma Allen and Kate Gibson contributed to this report.