"They make fortunes, [CEO] Muhtar Kent has a brilliant idea with the small-form Coke. They make a lot more on that. That was a genius idea," Cramer said on "Squawk on the Street." "You just don't want to sell this stock if it really gets clobbered."
Shares of the soda giant fell nearly 4.8 percent Wednesday after the company reported its fourth consecutive sales decline — demand for its fizzy drinks fell in Europe and a strong dollar eroded the value of sales in markets outside the United States, including Latin America.
Coke's sales in Europe, its third biggest market, slipped 1 percent in the quarter ended April 1, while a strong dollar and weak demand in Brazil pulled down Latin America sales by 12.2 percent.
The firm also said it earned an adjusted 45 cents per share last quarter, 1 cent above forecasts, while revenue also beat estimates.
— Reuters contributed to this report.
Disclosure: Cramer's trust did not own Coca-Cola stock when this article was published.