Although expectations appeared lower for Verizon Communications Inc. (VZ) - Get Report , that didn't stop investors from making it one of the best performers in the S&P 500 Thursday, with shares climbing almost 8%.

The company reported in-line earnings results and beat on revenue expectations. Verizon added 614,000 net retail postpaid subscribers. Could it be that consumers are waiting idly for Apple's (AAPL) - Get Report new iPhone? "That's a good thesis," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Mad Dash" segment. But Cramer isn't throwing shade at Verizon.

"This is a powerhouse," he reasoned, adding that the company's bundled offering seems to be working and drawing in new customers. "Unlimited worked for them," although he did say his service seemed to slow a bit as a result.

Watch:Just How 'Unlimited' is Your Unlimited Data Plan?

If only Verizon could find a way to grow its top line results, Cramer said. Revenue growth is expected to fall about 2.8% in 2017 and grow just 50 basis points in 2018. That's unlike AT&T (T) - Get Report , which has found a way to grow revenue through mega-mergers, like its purchase of DirecTV and Time Warner (TWX) for $48.5 billion and $85.4 billion, respectively.

It won't be Netflix, Inc. (NFLX) - Get Report or Facebook Inc (FB) - Get Report -- the latter of which just reported strong earnings and is a holding in the Action Alerts PLUS charitable trust portfolio. But AT&T is doing better and deserves recognition for obtaining that growth.

"I'm re-rating it" higher, Cramer said, reiterating that both Verizon and T-Mobile US (TMUS) - Get Report had good quarters.

On Monday afternoon, Verizon's shares rose 1% to $48.40.

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB and AAPL.