Cramer: Big takeaway from McDonald's earnings

CNBC's Jim Cramer said Wednesday McDonald's did not have a bad first quarter, despite missing earnings per share forecasts.

"I think that the big takeaway from McDonald's is that the revenues were made. I was shocked," Cramer said on "Squawk on the Street."

Cramer made his remarks after the fast food giant reported quarterly earnings of $1.01 per share, missing Wall Street's forecast of $1.06. Nevertheless, revenue was $5.96 billion, in line with expectations.

McDonald's global comparable-store sales fell 2.3 percent. "I was looking for comps to drop 2.6 percent," he said.

Read MoreThe 'kitchen-sink quarter' at McDonald's: Analyst

Cramer also said the company's new CEO, Steve Easterbrook, is slowly turning things around. "I have been speaking with some franchisees and this man is winning them over." Easterbrook took over as chief executive for Don Thompson on March 1.

McDonald's stock was up more than 4 percent midmorning Wednesday.

Disclosure: Cramer's trust did not own MCD stock when this article was published.