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Cramer slams Facebook critics: It is not a one-trick pony

CNBC's Jim Cramer criticized Facebook naysayers who said the social media giant can only add growth through advertising.

On Thursday, Cramer disagreed, saying that Facebook's conference call with investors after its fourth-quarter results was simply "remarkable."

"[A] very non-promotional call. They own this space. I mean, what should you really care about? Care about Instagram — 600 million monthly average users ... Facebook 1.23 billion," Cramer said on "Squawk on the Street."

Facebook founder and CEO Mark Zuckerberg.
Getty Images
Facebook founder and CEO Mark Zuckerberg.

"The rap against Facebook is the same rap against Apple: It is a one trick pony. Would you give me a break? They don't have enough sales people to meet the incoming phone calls," he said.

Cramer comments come after value investor Bill Miller, founder of Baltimore-based LMM, told CNBC's "Squawk Box" on Thursday he regrets getting out of Facebook stock shortly after the social network's 2012 initial public offering.

On Wednesday, Facebook reported earnings and revenue that topped Wall Street's expectations, as the company's ad revenue grew 53 percent.

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