"It's a brilliant company," Cramer said on "Squawk on the Street." "This stock is a buy by next week, mid-week," advising investors to wait until the selling clears out before getting in.
Shares of Amazon opened down 4.5% on Friday and trimmed some of those losses in early trading on Wall Street, after a much more dismal indication in premarket trading.
"I think that there's a perception that they were down a beat," the "Mad Money" host said. "I think that perception is wrong. They are quite confident that they have what people want."
The e-commerce giant late Thursday reported third-quarter earnings that fell short of analyst expectations. The company also gave disappointing revenue guidance for the holiday shopping season.
However, revenue in the third quarter beat estimates and grew 24% to $70 billion, suggesting a heavy investment in free, one-day shipping was translating into more purchases.
Cramer said it's clear that customers want one-day delivery — predicting that by the middle of next week investors will realize that Amazon made the right move in heavily financing its new delivery standard, which will make one-day shipping the default for Prime members.
Amazon spent more than $800 million in each of the last two quarters to expand free, one-day delivery to more products and more regions. The company expects to spend another $1.5 billion on the initiative during the fourth quarter to expand its warehouse footprint and product selection.
"The people who are worried about Amazon are the same people who turn on Amazon time and time again," Cramer added. "Amazon is doing what the customer wants, then it tries to figure out how to do it more cheaply."