"Schlumberger basically just lowered the boom, saying, 'However, for oilfield services, the market outlook for the coming quarters looks increasingly challenging.' In other words, the worse is not over," Cramer said on "Squawk on the Street."
Cramer also said the company expects oilfield activity to be further reduced.
The oilfield services company reported earnings per share of 78 cents, beating analysts' expectations by 1 cent, but posted less-than-expected revenues of $8.47 billion.
The slowing in drilling activity will eventually raise prices, Cramer said.
The company's stock was down more than 3 percent Friday morning.
DISCLOSURE: Cramer's trust did not own Schlumberger stock when this article was published.