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Cramer: Mattel doing good job despite Barbie fall

Don't give up on Mattel just yet, CNBC's Jim Cramer said Thursday.

"On the conference call, it sounds like everything's fine, but the underlying notion is that Mattel has reverted to its old ways. I think that's wrong," Cramer said on "Squawk on the Street." They're using Salesforce; they've got some great data on what people want."

Shares of the toy maker fell more than 9 percent Thursday, a day after reporting a bigger-than-expected quarterly loss due to weak sales of its toys such as Barbie, Monster High and American Girl that are aimed at young girls, and loss of a lucrative Disney license.

"Barbie was up 11 percent domestic, but down 7 percent international. But I've got to tell you, this is a tale of who has Disney and who doesn't. Hasbro has Disney and shut the lights out, Mattel doesn't," Cramer said.

On Monday, rival Hasbro reported better-than-expected quarterly results, sending the stock higher.

Mattel shares closed down more than 5 percent Thursday.