Cramer praises Alphabet’s earnings beat: Company was ‘crushing it’ in second quarter

Investing

CNBC’s Jim Cramer on Tuesday praised Alphabet‘s earnings results, saying Google’s parent company was “crushing it” in the second quarter.

“What I loved about this quarter is you finally got the rationale of why you like this stock,” said Cramer, whose charitable trust owns shares of Alphabet. “They basically explained that we … make a product that billions more people need.”

“There’s not a lot of companies who can say that,” Cramer said on “Squawk on the Street.”

Shares of Alphabet were up more than 4 percent midmorning Tuesday, also boosting the tech-heavy Nasdaq composite, after the company reported quarterly earnings and revenue Monday that came in above Wall Street’s forecasts.

Results were helped by a 58 percent jump in paid clicks compared with the 49 percent expected by analysts.

Cramer, host of CNBC’s “Mad Money,” said Monday night that among Alphabet’s “big wins” were deals with cloud-savvy companies like Domino’s and Target, a lack of China-related weakness and strength in its international markets.

“It looks like Alphabet’s business is so strong that we don’t have to fret as much as some thought about the $5 billion fine recently handed down by the EU,” Cramer said.

On Tuesday, Cramer added that he was also particularly impressed with the company’s earnings call, saying management told a “fantastic story.”

— CNBC’s Elizabeth Gurdus contributed to this report.

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