Mark Zuckerberg is King Midas in a hoodie

FB: Market's mistake, your opportunity

On Wednesday night, Facebook reported fabulous results and beat almost all expectations. Did the market even blink at the stock? Barely. Jim Cramer thinks this is a mistake investors should take advantage of.

Unfortunately, Facebook reported on a crappy day in the market. According to the "Mad Money" host, if the company would have reported on any other day, it would have rallied $5 easily. That's just how darned good the quarter was.

If you are an investor willing to think long-term, then this is the perfect time to get in on Facebook at bargain levels, Cramer said.

"I think it's practically a steal, and certainly a no-brainer versus Alibaba, which just reported an exceptionally disappointing quarter this morning and really made you wonder if it didn't come public right at the peak of its own business," said Cramer.

Jim Cramer talks Facebook on Mad Money.
Regina Gilgan | CNBC

Mark Zuckerberg has proven that he knows how to execute, as evidenced by the mobile platform that now represents 70 percent of its revenue. According to statistics, U.S. mobile Web-surfers spend 20 percent of their time on Facebook or Instagram.

No one else has conquered the realm of human connectivity, and Facebook will benefit from this in the long run.

So, what caused a negative reaction on the stock? Let's look at the numbers.

Facebook earned 54 cents a share, up 22 cents from last year. The average monthly user grew to approximately 1.39 billion people, up from 1.2 billion one year ago. That is an increase of 64 percent, and it continues to grow.

What scared investors was that expenses increased by 50 percent in the past year, to $1.63 billion. That was much higher than expected.

"My view? Yes, Facebook is spending a lot of money. But this isn't some gang of drunken sailors, it's an incredibly well-run company," said Cramer.

When Facebook invests in its business, it has a track record of those investments paying off. The company has shown that it cares very much about profitability. It wouldn't just blindly go out and spend a ton of money without a game plan. It is growing rapidly, and the CEO is clearly using the cash to grow even faster and longer.

Essentially, if you are an investor who is looking for slow growth with a buy back and a dividend—Facebook isn't the stock for you. Go buy a cereal company instead.

There are several opportunities that secure Facebook for growth. Take one look at its mobile business, where Facebook is leaps and bounds ahead of the competition in terms of engaging users on mobile. A quarter of Americans spend their time on mobile, yet only 10 percent of advertising budgets are allocated to mobile. Facebook will reap the benefits when advertisers ramp up mobile spending.

The average number of videos posted per person on Facebook also increased by 75 percent. This could be a huge opportunity for the company, as it is expected that video ads could represent $17 billion a year in the U.S. by 2017.

Or how about Facebook owned Instagram? It now has 300 million monthly active users—more than Twitter. That acquisition was a slam dunk.

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Those are just a few of the vast opportunities available for this vast company. Facebook's CEO has won Cramer's trust, and he thinks he will monetize all of them.

"I think CEO Mark Zuckerberg is clearly King Midas in a hoodie. He's proven he can execute," Cramer added.

So take advantage of the rare opportunity that exists for Facebook, and hang on to it. Just like Apple, Cramer said you hold Facebook, don't trade it.

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