Jim Cramer on Netflix's earnings report and when to buy the stock - CNBC

A remote control is seen being held in front of a television running the Netflix application

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CNBC's Jim Cramer said Wednesday Netflix will be able to shake off its disappointing first-quarter subscriber growth figures and projections for the current quarter. He also believes that further post-earnings stock decline could create a buying opportunity for investors.

Shares of the streaming giant were down roughly 7% Wednesday morning, trading around $508 each.

"What I like most about Netflix is ... their belief in their product and the strength of their coming slate," Cramer said on "Squawk on the Street." "That does make me feel that if this stock gets to $490, you got to stand there and buy it."

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