CNBC’s Jim Cramer joined Netflix’s defense on Wednesday after the streaming giant’s stocks sold out in its first-quarter report.

The stock fell more than 7% since the report was released after Tuesday’s close of trading, despite the company beating estimates in its income statement. Investors were disappointed with unexpectedly weak subscriber growth and an uncertain near-term future, according to Cramer.

“After the incredible performance that this company has given us over the years, you must remember that doubting Netflix was a mistake at every step,” Cramer told Mad Money.

Netflix said it paid 208 million subscribers at the end of March. This is an increase of 14% over the previous year, but is below the 210 million expected by the company.

Despite declining subscriber growth, CFO Spencer Neumann said on the conference call that “business continues to be healthy,” engagement is increasing and customer revenue is falling.

“For me that means ‘please don’t panic’ … I think they will find a way to start new registrations with must-see content, whether they have to create it themselves or license it from someone else,” Said Cramer. “In other words, I give Netflix credit for something that doesn’t yet exist and that makes us feel like we’re forced to subscribe despite all the competition.”

Earlier Wednesday, Cramer said Netflix stock could potentially fall to $ 490 per share, although he remains bullish over the long term. Netflix shares were trading at $ 508.90 on Wednesday, a 14% decline from their January high.