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"The people who are selling this thing off that revenue miss did not read the quarter." Cramer said on CNBC's "Squawk on the Street." "They did not listen to this conference call, which was a thing of beauty," he said.
Cramer made his remarks the day after the social media behemoth reported first-quarter profit of 42 cents per share, 2 cents above consensus estimates. Its revenue, however, was lower than expected at $3.54 billion.
Nevertheless, Cramer added that Facebook's advertising revenue growth potential is the key factor for why investors should hold the stock, since its largest marketing clients are not even spending 5 percent of their budgets on the social network.
"This isn't the first inning. They haven't thrown out the first pitch yet," Cramer said. "Yes, they spent. Why? Because they are building an international cable system in which you're now going to have content."
Facebook operating expenses rose 83 percent last quarter.
The company's stock price dropped about 3 percent in after-hours trading. "I had to go back and listen to the conference call twice to figure out why the stock had dropped two blocks," Cramer added. "There are these algorithms that just sell stocks when they miss by 'x', and they drove it down to $81.78 last night."
Read More Facebook user growth crushes estimates
Facebook shares were down slightly midmorning Thursday.
Disclosure: Cramer's trust owned stock in Facebook when this article was published.