Cramer: Embattled Facebook might be the 'cheapest stock in the S&P 500'

Key Points
  • It appears all-is-forgotten concerning Facebook's data leak scandal after strong quarterly earnings, CNBC's Jim Cramer says.
  • "When you get a quarter like that, it's almost as if nothing ever happened," Cramer adds.
Facebook might be the 'cheapest stock in the S&P 500,' says Jim Cramer

It appears all-is-forgotten on Wall Street concerning Facebook's data leak scandal that caused the stock to lose billions of dollars in market value, CNBC's Jim Cramer said on Thursday.

In addition to reporting late Wednesday quarterly earnings and revenue that blew expectations, the company announced an additional $9 billion stock buyback.

"When you get a quarter like that, it's almost as if nothing ever happened," Cramer told "Squawk on the Street."

Facebook may arguably be the "cheapest stock in the " added Cramer, whose charitable trust owns the stock. "Maybe that's why they're buying back $9 billion worth of stock."

Shares of Facebook soared Thursday, on pace for their best day in two years.

But it's been a rocky five weeks.

Facebook closed Friday, March 16, a day before the data leak news broke, at $185.09 per share. By the close on March 27, the stock had lost about 17 percent. But since then, Facebook has gained 13.6 percent, including the 8 percent jump on the open Thursday.

Cramer, host of "Mad Money," had previously called out Facebook co-founder and CEO Mark Zuckerberg and COO Sheryl Sandberg for being notably silent for days after reports on March 17 that Cambridge Analytica had harvested the data from some 87 million users of the social network without their permission.

Zuckerberg and Sandberg eventually went on an apology tour, and Zuckerberg also testified about the matter on Capitol Hill.

The data were used to target ads promoting Donald Trump's 2016 candidacy, according to The New York Times and The Observer. Cambridge Analytica has denied any wrongdoing.

However, Cramer noted at the time that much of the outrage could blow over soon. People could get bored of protesting Facebook "and want to see how their friends are doing," he had said.

During Wednesday's earnings conference call, Zuckerberg said the company is investing "heavily" on safety and security, and even more in "building the experiences that bring people together on Facebook in the first place."

—CNBC's Anita Balakrishnan contributed to this report.