Cramer spoke after Snap's stock plunged in after-hours trade Tuesday following its huge third-quarter revenue miss. The shares whipsawed Wednesday after Chinese internet giant Tencent said it has taken a roughly 10 percent stake in the company.
Also on Wednesday, Wall Street analysts, disappointed by Snap's earnings results and management's execution, downgraded the stock.
During the post-earnings call, Snap CEO Evan Spiegel said the company is working on a redesign of its app to "make it easier to use," and said it could be disruptive to the business in the short term.
"They basically said, 'Don't worry, all the things you hear about us that are bad ... they're bad. We're getting to them. Give us some time,'" Cramer said on "Squawk on the Street."
"You can't have a conference call like that," Cramer added. "What I didn't know before I read this, was how badly everything is working for Snap."
Spiegel appeared to sound like he was "disappointed" or "sad" during the call, Cramer said.
When asked about the Tencent deal, Cramer responded by saying, "There's nothing to buy here."
"Frankly, I don't care if its Tencent or 50 Cent. There's nothing to buy here," the host of CNBC's "Mad Money said. "The great thing about Tencent is they can average down and get a better price."
Snap did not immediately respond to a request for comment from CNBC.
Disclosure: CNBC parent NBCUniversal is an investor in Snap.