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Cramer: Facebook said three words that spooked investors

CNBC's Jim Cramer said Thursday Facebook's Chief Financial Officer David Wehner's comments on ad growth eclipsed an otherwise great quarterly report.

"We expect revenue growth rates will decline as we lap strong quarters," The CFO said in a conference call with investors. Wehner added 2017 would be a year of aggressive investment with a substantial increase in expenses.

Cramer said Facebook freaked out investors and raised doubt that the company could continue its success. "Those three words: Meaningfully, aggressive and substantial ... they overshadowed everything, which I think is ridiculous," Cramer said on "Squawk on the Street."

Cramer said the three words indicate "fighting words" to investors. Facebook said though the investments should benefit it in the longer run.

Facebook shares fell 7 percent in after-hours trading Wednesday after the social media network warned that its ad load could come down "meaningfully" after mid-2017 and revenue growth could decline, counteracting third-quarter earnings that beat Wall Streets estimates.

Facebook shares were down more than 4 percent in midmorning trade Thursday. The stock is up more than 21 percent year to date.

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