NEW YORK (TheStreet) -- Facebook (FB) - Get Report stock is advancing 12.36% to $106.12 in early morning trading on Thursday after the company delivered the best financial results so far this year, TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning.

"It's the best there is," Cramer commended, noting that the "company is killing it worldwide" with "superb" growth in all areas.

After the market close on Wednesday, Facebook reported better than expected results for the 2015 fourth quarter, driven by mobile advertising revenue growth.

Cramer pointed out that 80% of advertising revenue was from mobile, putting Facebook way ahead of its peers.

Facebook has 2.5 million active advertises and many of them are local businesses. The company created a product that filled an advertising gap for these businesses and "that's how revenue growth happens," Cramer commented.

He praised the company's move to remove subscription fees from the messaging app WhatsApp because the company can monetize it once it has a larger user base.

Facebook's stock, which Cramer thinks is the cheapest in the FANG group, trades at 20 times 2016 earnings estimates and could continue trading at that multiple through 2018, he noted, adding that the 2018 earnings estimates are "understated."

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"We need Zuckerberg to take more time off," Cramer observed, referring to CEO Mark Zuckerberg's paternity leave, which lasted most of the quarter. "This was the best quarter."

Separately, Facebook has a "buy" rating and a letter grade of B+ at TheStreet Ratings because of the company's robust revenue growth, largely solid financial position, good cash flow from operations, earnings per share growth and expanding profit margins.

You can view the full analysis from the report here: FB

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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