Jim Cramer on Netflix earnings: CEO Reed Hastings is a 'miracle worker'

  • Jim Cramer praises Netflix's Reed Hastings, calling the CEO a "miracle worker."
  • Netflix shares are soaring after the company reported quarterly earnings that crushed Wall Street's estimates.

CNBC's Jim Cramer says Netflix CEO Reed Hastings is a "miracle worker."

Netflix shares were soaring in premarket Wednesday after the company reported quarterly earnings that crushed Wall Street's estimates. The important metric of net subscriber additions was also well above analysts' expectations for the video streaming service.

"I did love Netflix's [earnings]," Cramer said on "Squawk on the Street" on Wednesday. "It has nothing to do with the economy. It's a worldwide story, and Reed Hastings is a miracle worker."

Cramer said he believes Netflix has better programming worldwide than other services such as Disney, which plans to launch a branded direct-to-consumer streaming service in 2019.

Cramer, on "Mad Money" on Tuesday, said Netflix's earnings performance not only provided "further fire" for the stock market rally but, more importantly, proved that FANG — his acronym for the stocks of Facebook, Amazon, Netflix and Google parent Alphabet — was still alive and kicking.

Netflix is projecting it will add 9.4 million net subscribers during the fourth quarter.

—CNBC's Elizabeth Gurdus contributed to this report.

Disclosure: CNBC parent company NBCUniversal is an investor in Hulu.