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Cramer is worried about Facebook's metrics, but says advertisers will not flee

CNBC's Jim Cramer said on Wednesday he was concerned about Facebook after it revealed that it has uncovered more miscalculated metrics.

The social media giant uses the metrics to help advertisers measure how content performs on its platform. Cramer said on "Squawk on the Street" that he wants to know if the social media giant's management feels differently now about its engagement. They had previously described the numbers as "rather robust" during the company's latest conference call.

Cramer said he wanted to hear whether COO Sheryl Sandberg thinks the new metrics contradict their previous views on the metrics.

He continued, "If this is just a discrepancy, then that's one thing. But if they want to take back the very bullish things they said about engagement, that would be different."

Facebook COO Sheryl Sandberg.
Getty Images
Facebook COO Sheryl Sandberg.

In September, Facebook said it had inflated the average time it told advertisers that users were watching their video ads.

On Wednesday, it disclosed additional errors in four metrics it uses. Facebook's findings could trouble some advertisers and publishers that rely on it for distribution and monetization. Facebook attempted to ease advertisers' concerns about its data by giving third-party auditors more access to Facebook's data. When asked whether advertisers would move away from the platform as a result, Cramer said he did not think it was likely.

"The advertisers want to be in Facebook," he said. "They don't want to be in print. They want to be in TV if the ratings are up."

Facebook's stock was trading slightly lower in intraday trade Wednesday. The stock is up more than 10 percent year to date.

—Reuters contributed to this report. Additionally, Jim Cramer's charitable trust owns shares of Facebook.