Correction: This story has been updated to correct the fact that AOL was in-line with consensus estimates of 53 cents.

NEW YORK (TheStreet) -- AOL (AOL)  stock is off nearly 11% Wednesday after the company's "terrible" earnings, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio

Cramer said during CNBC's "Stop Trading" segment that display ad revenue were "ridiculously bad" and subscription revenue fell 5% year over year. Subscription revenue also dropped 5% from the prior year in the company's previous quarter. 

AOL Inc. AOL data by YCharts

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Cramer pointed out AOL revenue rose 4.6% year over year, but this missed analysts'  expectations. In fact, the only reason AOL made the number [EPS estimate] was the tax rate, according to Cramer. 

The investors calling for AOL CEO Tim Armstrong to replace Yahoo! (YHOO) CEO Marissa Mayer should think twice about that idea now, he concluded. 

-- Written by Bret Kenwell

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.