Investing

Netflix CEO Reed Hastings is a 'true visionary,' Cramer says

Cramer's stocks to watch: Netflix
VIDEO1:5201:52
Cramer's stocks to watch: Netflix

CNBC's Jim Cramer called Netflix CEO Reed Hastings on Tuesday a "true visionary" after the entertainment company reported a blowout quarter.

On Monday, Netflix reported third-quarter earnings that blew past analysts estimates. It also said it added more than 50 percent subscribers more than it expected, as original shows such as "Stranger Things" enticed new international viewers and preserved U.S. customers.

"It's algorithmic," Cramer said on "Squawk on the Street."

He continued, "If you like 'Breaking Bad' you'll love 'Narcos.' This is literally this guy and his partners coming up with stuff that we want better than everybody else. And they have a second and a third. They're able to have non 'cancel-able' shows. I can't believe how good they are."

Cramer compared Netflix's business to a movie studio. He said, "When they have a big hit, you just can't believe how many people go to it."

Netflix's stock was trading significantly higher in mid-morning trade Tuesday. The stock is up more than 3 percent year to date.

— Reuters and CNBC's Anita Balakrishnan contributed to this report.