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Netflix's "disappointing" earnings report could have just given investors an opportunity to buy into other high-quality tech stocks, CNBC's Jim Cramer said on Monday.
Shares of the streaming giant sank as much as 13 percent in after-hours trading after it reported fewer-than-expected subscriber additions in its fiscal second quarter, Netflix's first miss on this line item in five quarters.
In total, the company behind Stranger Things added 5.15 million subscribers in the second quarter, roughly one million less than predicted. New domestic subscribers were just over half of what was projected for this quarter.
The "Mad Money " host noted that the rest of FANG, his acronym for the stocks of Facebook, Amazon, Netflix and Google, now Alphabet, got swept up in the after-hours selling along with subscription-service stocks like Spotify.
To Cramer, the whole downtrend seemed to be "in sympathy with the Netflix devil."
"It feels a lot like guilt by association," he said. "These companies like Facebook and Twitter [whose stocks] are going down? I mean, come on. The only thing they have in common with the stock of Netflix is they were up a lot. "
All in all, it told Cramer that investors have to be willing to go against broader market trends in the coming trading sessions.
"In this crazy market, you need to be being willing to go against the grain because it’s the only way to be rational," he said. "Just try not to overreact so that you can be opportunistic – don’t be blind – [by] buying good merchandise into weakness caused by collateral damage and maybe ringing the register into excessive strength like you got going into the less-than-stellar Netflix quarter."
Several analysts had expressed concerns ahead of Netflix's report, which they worried could represent the first leg of slower growth for the media giant. Shares of Netflix have surged more than 100 percent year-to-date.
Disclosure: Cramer's charitable trust owns shares of Facebook, Amazon and Alphabet.