As Yahoo! disappoints, Cramer sees 3 things to shout about

(Click for video linked to a searchable transcript of this Mad Money segment)

The Street's buzzing about Marissa Mayer and the surprising weakness in Yahoo!'s earnings release. Cramer, however, thinks it would be a mistake to underestimate her.

And even though the stock has gained about 70% since Mayer took over about a year ago, Cramer doesn't see any reason to sell.

That's not to say Cramer doesn't understand the concerns in the market; he does. The latest earnings report was far from encouraging.

Although Yahoo beat on earnings Tuesday, its revenue outlook fell short. Among the more bearish developments was the number of new ads sold in the second quarter – they fell 2 percent while the price-per-ad dropped about 12 percent.

The Street interpreted results as a sign that Yahoo! may be losing advertising dollars to rivals such as Google and Facebook.

"I know there were lots of catcallers about this quarter; it was troubling to hear that revenue for advertising and search were challenged," said Cramer

Marissa Mayer
Getty Images
Marissa Mayer

The Mad Money host, however, thinks it's much more important to dig down into the numbers. Below the surface he thinks lies 3 metrics that are much more important – and they're all bullish.

1. Mayer turned around declining page views. "And she's doing it by improved content," Cramer said. (In the interest of full disclosure, Mad Money is among the many new content features now carried by Yahoo!)

2. Mayer has reduced attrition by 59%. "Yahoo had been infamous for losing anybody any good for ages," Cramer said.

3. Mayer reoriented the company toward mobile. "If you think Facebook didn't have a good mobile strategy a year ago, Yahoo didn't even have many engineers associated with mobile," said Cramer.

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According to Cramer, these results confirm his belief that Yahoo has strong 'bones' and over the long-term he thinks that will matter much more.

"These accomplishments suggest to me that if Mayer was smart enough to turnaround the bones of Yahoo, then she's got to be smart enough to get the nerve and circulatory systems going too," he said.

Just like a patient in the mid-stages of recovery, if Yahoo's getting stronger bones, better nerves and an improved circulatory system, overall it's pretty healthy.

"That," Cramer said, "is my take-away from earnings. I still think Mayer is a winner and I fully expect for her to go one winning."

Disclosure: Mad Money with Jim Cramer and CNBC are strategic content partners of Yahoo!

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