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Jim Cramer on Zillow: Call me Spencer Rascoff

Zillow has a lot of room to run, and its latest quarterly report shows that, CNBC's Jim Cramer said Wednesday.

"This was a remarkable quarter, and it put to rest a lot of issues. I now look at the arc of what happened — they bought Trulia — and was truly a bad acquisition at the time because there was a big [government] delay," Cramer said on "Squawk on the Street." "By the time it finally closed, [CEO Spencer] Rascoff had a lot of problems; now they're all behind them."

While the company reported mixed quarterly results, the stock rose nearly 13 percent over the course of the day amid a better-than-expected second-quarter revenue outlook.

"Call me Spencer" Cramer said, referring to Rascoff.

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