Cramer: BlackBerry Signals 'Sell Before It Gets Really Bad'

BlackBerry's earnings report is a wake-up call for investors that basically said "sell us before it gets really bad," CNBC's Jim Cramer said on "Squawk on the Street" Friday.

In early trading Friday, BlackBerry shares dropped more than 27 percent on the news.

(Click here to see where BlackBerry shares are trading now.)

On a conference call, BlackBerry CEO Thorsten Heins said that customers were getting comfortable with who BlackBerry is as a company. "What is he talking about? 'They're getting comfortable with who we are?' No, we want them to get comfortable with buying the product. I'm not trying to be their friend," Cramer said.

In the first full quarter to include BlackBerry Z10 smartphone sales, the report left Cramer wanting more, since the company failed to break out the numbers in the report and instead spoke of them in the conference call hours later.

Instead, the company said smartphone shipments overall in the first quarter were up 13 percent to 6.8 million from the previous quarter. Not only that, but moving forward, BlackBerry won't be providing subscriber numbers, a move that Cramer likened to avoiding self-incrimination in court.

(Read More: Ouch! BlackBerry Posts Unexpected Loss, Light Sales)

"It's like the Fifth Amendment: those who take it are rarely innocent. If you don't give us the numbers, it tends to be a tell that maybe the numbers aren't that good," Cramer said.

"We have got to do a sum-of-the-parts analysis because there's no reason to own it on an earnings basis," he added. "Frankly, the press release was like 'you should sell us before it gets really bad.'"

Cramer said that if the company continues down this path, it could turn into a "Nokia situation," comparing BlackBerry to the Finnish company that has posted huge losses since 2011 and has seen a drop of more than 90 percent in its stock price since December 2007.

"You just say, 'wow, the train left the station. They've met their Waterloo,'" he said. "I feel very strongly that that press release … You tremble when you read that release because maybe you say, you know what, they don't have any conviction. It happens now and then. You see a press release that changes your view."

(More Cramer: How Can You NOT Own This Stock?)

BlackBerry posted a first-quarter loss, excluding items, of 13 cents per share, compared with a quarterly loss of 37 cents a share in the year-earlier period. The company cited Venezuela foreign currency fluctuations as hitting its results by 10 cents a share.

"I'm worried about everything tech," Cramer said, pointing to the Accenture earnings conference call where the company was bearish on the sector. Accenture also missed estimates in its quarterly earnings.

"This was a devastating conference call [for Accenture]. They basically said the enterprise is not spending. This was a very depressing call," Cramer added.

Reuters contributed to this report.

—By CNBC's Paul Toscano. Follow him on Twitter and get the latest stories from "Squawk on the Street" @ToscanoPaul