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Cramer: Amazon Web Services is 'a remarkable business'

Investors should keep an eye on Amazon as its cloud business grows, CNBC's Jim Cramer said Friday.

"Amazon Web Services is like UPS doing a good job. It's a remarkable business in its supply chain management; its delivery [and] it's going to make a fortune. Amazon's not done. They're up 10 percent today? [That's] not enough," Cramer told CNBC's "Squawk on the Street."

The online retailer's stock was up more than 15 percent in early trading Friday as Wall Street kept cheering on its cloud business growth last quarter. The company said Thursday that Amazon Web Services generated revenue of $1.57 billion in the first quarter, adding it is now worth $5 billion.

Amazon also reported earnings of 12 cents per share, well-below Wall Street's estimates for 23 cents. Nevertheless, revenue of $22.72 billion topped the Street's expectations.

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"This was a remarkable quarter. I'm so used to obfuscation and frustration on Amazon quarters, and right at the beginning they said 'here's the business, you decide,'" Cramer added.

Amazon's surge also prodded the Nasdaq up more than 0.5 percent as the index tried to reach its March 2000 intraday high of 5,132.52.

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