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Cramer: Microsoft had a good quarter, but …

While Microsoft may have beat earnings and sales expectations for the last quarter, its $7.5 billion Nokia write-down was horrendous and led to a drop in share prices, CNBC's Jim Cramer said Wednesday.

"[Former CEO Steve Ballmer] gave them this phone division, and you just can't write it down enough. It was so bad," Cramer said on "Squawk on the Street."

On Tuesday, the Redmond, Washington-based tech behemoth posted fiscal-year fourth quarter earnings of 62 cents a share on revenue of $22.18 billion. Wall Street expected Microsoft to post profits of 56 cents a share on $2.03 billion in revenue.

Read MoreMicrosoft earnings: 62 cents a share

Nevertheless, its Nokia write-down hit the company with a $3.2 billion net loss for the quarter.

"I thought there was enough to like in the Microsoft quarter," Cramer added. "The Nokia thing is so painful."

Microsoft's stock was down more than 1 percent in early trading Wednesday.