Jim Cramer: It's A Mistake To Describe Facebook As A One-Trick Pony

Shares of Facebook Inc (NASDAQ: FB) hit a new all-time high of $135.49 on Thursday after the company impressed investors once again with its quarterly results.

Revenue for the quarter soared to $8.81 billion and came in $118 million ahead of Wall Street's expectations. However, mobile advertising accounted for 82 percent of the entire company's revenue, which has many investors now wondering if Facebook is a one-trick pony.

Jim Cramer commented Thursday someone suggested to him that Facebook is merely a one-trick pony as the entire business model is built around selling adds.

Cramer pointed out that by using the same logic Apple Inc. (NASDAQ: AAPL) is also a one-trick pony, since its revenue is mostly derived from iPhone sales.

"Will you give me a break," Cramer said in reference to the Facebook bears who argue the company is a one-trick pony. "They don't have enough sales people to meet the incoming phone calls."

Cramer suggested that Facebook's ads are a "thing of beauty" and even highlighted a story that Facebook COO Sheryl Sandberg told investors during the conference call.

The executive visited a furniture maker in Berlin, Germany that was doomed to close stores due to heightened competition. However, when the company started advertising on Facebook business not only turned around but it opened five new locations bother domestic and international.

"Small businesses.. medium size businesses... large businesses.. everybody wants to use Facebook," Cramer concluded. "But the hedge funds.. no, they are selling."