Cramer: I see Facebook rolling to $160

Jim Cramer has run out of superlatives to describe just how amazing Facebook (NASDAQ: FB) is.

Somehow this $357 billion company can still generate accelerating revenue growth and 58 percent gross margins. In Cramer's opinion, Facebook is on a different plane than everyone else.

Shares of Facebook initially skyrocketed to $128 at the open on Thursday but pared gains to $125 by market close.

With such an amazing quarter, how could this be possible?

"We have seen bouts of selling after great quarters before. I suggest you use the weakness to buy the stock, because I can see Facebook rolling toward $160 over time, which is where it starts to get classically expensive on an earnings basis," the " Mad Money " host said.

Cramer traced the greatness of Facebook back to when it first came public and didn't know what to do. It had developed a great way to share content with friends via desktop but then didn't have much to offer for mobile. User growth was actually dropping.

Then CEO Mark Zuckerberg demanded a pivot to mobile and created a product that was actually better on a phone than a desktop. He saw the revolution, and in only a year's time, Facebook went from not having much mobile exposure to being an idea place to enter text and upload videos. Zuckerberg recognized that video is a priority and a better way for advertisers to connect with its audience online.

Cramer regretted ever doubting Facebook.

"I felt small when I listened to this conference call … I had fallen prey to those who believe that Facebook is merely a fad, that competitors can just come in and stomp on out of nowhere. That couldn't be further from the truth," he said.

The biggest takeaway for Cramer? Facebook isn't just technology. It is a mobile identity for people. Just as people cannot go without food, they probably can't go without Facebook.

Thus, Cramer advised not to be too intimidated by Facebook's stock reversal on Thursday. He trusts Zuckerberg. The CEO has earned it.

"I believe that this company's product is the single best way for global advertisers to reach their customers around the world, and eventually that is going to lead to a substantially higher stock price," Cramer said.

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