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Cramer: Apple is ‘not a cell phone company’

Apple CEO Tim Cook shifted the company's narrative as a smartphone company to something else in a conference call with investors on Tuesday, CNBC's Jim Cramer said.

"This is a company that may have the most powerful subscribers in the world with 150 million strong. Maybe we don't need to buy Netflix," Cramer said on "Squawk on the Street."

Apple is "not a cell phone company," he said.

On Tuesday, the iPhone maker reported first quarter earnings and revenue that easily beat Wall Street's projections, helped by strong demand for the iPhone 7 Plus as well as Mac growth in its first quarter earnings.

"It was a dynamite quarter," CEO Cook told CNBC. "We are very excited about our pipeline."

Disclosure: Jim Cramer's charitable trust owns shares of Apple.

—CNBC's Anita Balakrishnan contributed to this report.