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Cramer says investors are 'misjudging entirely' Apple's strong quarterly results. Here's why

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A large advertisement on the LED screen outside the apple store is to warm up the iPhone 12 series, which is officially on sale on the 23rd. Shanghai, China, October 21, 2020.
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CNBC's Jim Cramer said Thursday he was blown away by Apple's latest quarterly earnings report, adding he thought the more than 2% premarket stock increase was too muted.

Shortly after the opening bell on Wall Street, Apple shares were up only fractionally and later even gave up those gains. The stock closed Thursday's session basically flat at $133.48 per share.

"Apple, I think, people are misjudging entirely. I think Apple was an extraordinary share take. I think Apple was an amazing move in services," Cramer said on "Squawk on the Street."

"Goldman, the bear, had to throw in the towel" after Apple's results, the "Mad Money" host said, in reference to Goldman Sachs Apple analyst Rod Hall upgrading the stock to neutral, about a year after downgrading it to a sell.

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