Yahoo! (YHOO) may be going through some tough times, but Jim Cramer says it's not all bad.

"Yahoo!'s still cutting, Yahoo!'s still slimming. They've cut more than 40% of the company, of at least the headcount, in the last couple of years since 2012," said TheStreet's Cramer, who spoke at the New York Stock Exchange Wednesday.

"The company is worth something. I put it like that because if you back out all the different parts, it's almost like people think it's worth nothing," he continued. "That's wrong. There is some value being created."

Cramer acknowledged that "mavens" -- a term coined by Yahoo! CEO Marissa Mayer for the company's businesses in mobile, video, native advertising and social media -- aren't growing as quickly as he anticipated. However, he believes the tech company should be contemplated as "the sum of the parts."

"I think it is worth more than it's selling for," he said, citing the $44 price target placed on the stock by SunTrust Robinson Humphrey analyst Bob Peck. "I'll take his number."

Yahoo! announced its first-quarter results Tuesday after market close. It reported $1.087 billion in first-quarter revenue, topping Wall Street estimates of $1.077 billion, and earnings of 8 cents per share, beating expectations by a penny. (Revenue and per-share earnings were still well below the numbers reported the same period a year ago.)

The company is in the process of selling its core web assets and has reportedly collected bids from telecom giant Verizon (VZ) - Get Report , the U.K.'s Daily Mail & General Trust and private investment firm TPG. The Wall Street Journal reports most bids came in between $4 billion and $8 billion. Yahoo!'s overall market cap is $35 billion.