Updated from 10:10 a.m. EDT.

NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report stock is soaring 9.12% to $656.89 on heavy trading volume this afternoon after reporting 2016 first quarter earnings and revenue well above analysts' expectations after the market close on Thursday. 

"This is the defining quarter," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. 

He mentioned that the previous period was a "disputatious quarter" that caused investors to wonder if Amazon.com would ever make money.

Last quarter, the company blamed three one-time issues for much of the weakness during the period, but many investors were wary and thought the problems were secular instead, Cramer pointed out. 

Amazon.com's most recent results prove that the issues were, in fact, temporary, Cramer claimed.

"It was an astonishing conference call," he said.

One area that saw immense growth from the previous period was its Amazon Web Services division. Investors had previously questioned whether the division would ever come to fruition, Cramer mentioned. 

But the division reported sales of $2.57 billion for the most recent quarter, up from $1.57 billion in the year-ago period.

"A few weeks ago Bob Peck at SunTrust put out a piece saying that maybe Amazon Web Services is worth more than $100 billion and people laughed at it," Cramer said in the above video. "I now feel that it is worth far more than that - maybe between $115 and $120 billion - because that is where the money is being made. The margins are fabulous."

International sales grew 23% to $9.57 billion, easily topping analyst's forecasts $8.96 billion. 

India loves Amazon.com and the company isn't even in China yet, Cramer noted, adding that Amazon Prime is "taking over worldwide."

Cramer lives across the street from a Rite Aid, but said that he never goes there because he purchases everything he needs on Amazon.com. 

"My wife would send me to Rite Aid to bring home those bulky products," he stated. "No more! I go to Amazon Prime."

(Amazon.com is held in the Growth Seeker portfolio. See all holdings here.)

Separately, TheStreet Ratings team rates the stock as a "hold" with a rating score of C.

Amazon.com's strengths such as its impressive record of earnings per share growth, compelling growth in net income and robust revenue growth are countered by the fact that the company has favored debt over equity in the management of its balance sheet.

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

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 article's author.