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Cramer: Twitter's earnings report not the 'disaster' some people expected

CNBC's Jim Cramer said on Thursday Twitter's third-quarter earnings report was not the "disaster" that some people might have anticipated.

The social networking platform posted earnings that topped analysts' expectations on Thursday morning, and announced job cuts. The company, which has seen user growth stall amid competition from rivals such as Snapchat, reported its average monthly active users for the three-month period increased to 317 million, up 4 million from the previous quarter.

Chief Financial Officer Anthony Noto told investors Twitter is "getting more disciplined" on how it invests in the business. Recently, Twitter made a deal with the National Football League to stream 10 of its Thursday Night Football games. Cramer also mentioned the company had a boost with the U.S. presidential debates.

"I think what's important here, when people look at this, is it was not the disaster that some people expected," Cramer said on "Squawk on the Street."

"I know that this one was one where they had debates, which is obviously one-time only. But everybody's been complaining about football. This time football was good — NBA good. Sports may not be so great for other guys. Sports is working for Twitter," he said.

Cramer said that the reported average viewing numbers for the NFL games in the quarter may not be enough to sustain Twitter, but added it is at least a start.

"I think what people are going to say is that they have a niche here," he said.

Twitter's stock was trading up more than 2 percent in midmorning trade Thursday. The stock is down more than 22 percent year to date.

—CNBC's Antonio José Vielma and Reuters contributed to this report.