Cramer says investors are misguided on Disney, expects theme parks and movies will bounce

General views of the Mickey Mouse Ferris Wheel at Disney California Adventure Park at the Disneyland Resort, which has reopened for outdoor dining and shopping on April 11, 2021 in Anaheim, California.
AaronP | Bauer-Griffin | GC Images | Getty Images

CNBC's Jim Cramer said Friday it's misguided for investors to focus too much on Disney's streaming business, suggesting the tailwinds behind theme parks and movies also need to be considered.

"Suddenly, all we care about with Disney — all we care about — is Disney+, and that's a very big mistake because this is a very good company," Cramer said on "Squawk on the Street."

Cramer's comments came as Disney shares slid after the media and entertainment giant reported second-quarter results. While per-share earnings were higher than consensus forecasts, Disney missed expectations on revenue and paid subscribers for Disney+.

The stock was down 2.3% Friday afternoon, one of just a few Dow Jones Industrial Average constituents to be in the red Friday. The 30-stock Dow was up more than 300 points.