"I thought this was a 'Saturday Night Live' parody of a conference call," Cramer said Wednesday morning, referring to the NBC program. "I just didn't think it had anything like a real conference call."
Cramer said he was particularly perplexed by a comment made by Snap's chief strategy officer, Imran Khan, who said the company is having challenging conversations with its advertisers. The host of "Mad Money" said that basically means Khan was saying, "'Hey, advertisers, will you sign up with us? No."
Shares of Snap plunged 20 percent to $11.30 at the open Wednesday, hitting all-time lows, after the social network late Tuesday reported first-quarter revenue and daily active users that missed forecasts. The company's quarterly loss matched estimates, but forward guidance was weaker.
Cramer has been highly critical of Snap and its co-founder and CEO Evan Spiegel many times before. As recently as last month, he cautioned investors against buying Snap despite its app redesign, saying the company wasn't growing fast enough and its expenses were too high. "These guys were spending money like a boatload of drunken sailors," he said at the time.
Snap, parent of Snapchat, went public in March 2017. On Day 1, it closed up 44 percent at $24.48 per share. But the stock quickly turned lower, with analysts flagging widening losses, slowing user growth and lack of voting rights for outside investors.
Snap did not immediately respond to CNBC's request for comment.
— Disclosure: CNBC parent NBCUniversal is an investor in Snap. Additionally, NBC is owned by Comcast, the parent company of CNBC.