The 'Backbone' of the Mobile Internet Tsunami

With more than 34,000 wireless towers, Cramer on Wednesday said American Tower is not only the largest wireless tower play, but the "backbone" of the mobile Internet tsunami.

The Las Vegas-based company missed on earnings by 1 cent when it reported before Wednesday's opening bell, but Cramer isn't worried. It's not an earnings-per-share story, he said. It's a "growing cash flow" story. After all, it's spending a lot of money to expand because demand for smartphones is increasing. In addition, people are using their smartphones to watch movies, stream movies and surf the Web. As the networks move from 3G to 4G, they're going to need more tower capacity and that's where American Tower comes in.

Cramer likes American Tower's business model because it allows them to install multiple antenna on one tower. For every client it takes, it makes roughly $20,000 per tower. Being as it only costs $1,000 in good sold, it has a 95 percent gross margin conversion rate.

Looking forward, Cramer thinks American Tower will continue to benefit from the mobile Internet tsunami. To hear more about what's ahead for this company, he spoke with CEO James Taiclet. Watch the video to see the full interview.

Call Cramer: 1-800-743-CNBC

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