Netflix Isn't a Classic Growth Stock, But Still Belongs in FAANG, Cramer Says

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Does Netflix  (NFLX) - Get Report still deserve its spot among the illustrious FAANG stocks? The debate continues as Wall Street digests the latest earnings from the streaming giant. 

In a strong corporate earnings season that has left Jim Cramer bullish, Netflix was the runt of the litter. 

“If you focus on Netflix, you’re missing the bigger picture of corporate America doing very well,” Cramer said. 

The streaming giant reported earnings of $2.97 per share on revenue of $7.34 billion, missing earnings expectations despite reporting global net subscriptions ahead of estimates.

So is it time for FAANG to drop an "N."

Following earnings, Real Money's Stephen "Sarge" Guilfoyle told TheStreet's Katherine Ross that Netflix, as well as Facebook  (FB) - Get Report, simply aren't pulling their weight when put up against the likes of Amazon  (AMZN) - Get Report and Alphabet  (GOOGL) - Get Report

"Netflix is no longer a growth stock," Guilfoyle said. 

Cramer, who has long argued against the pundits declaring the death of FAANG, had a different take when speaking to Action Alerts PLUS senior analyst Jeff Marks on TheStreet Live Wednesday. 

While Cramer said the Netflix isn't standing out as a growth stock like the salesforce.com's  (CRM) - Get Report of the world, he isn't ready to pull the "N" and replace it with the "M" [Microsoft  (MSFT) - Get Report]. However, he didn't say the move wasn't possible in the future. 

"Since I created FAANG, I have every right to pull [Netflix] it if I want to." Cramer said

But the conversation is far from over. Join Real Money, Thursday, July 21 at 11:30 ET as Real Money contributors Chris Versace, Katherine Ross and Kevin Curran explore the future of the stock group Wall Street loves to hate. 

Recap TheStreet Live: Everything Jim Cramer Is Watching 7/21/21

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