Cramer slams Amazon.com, says Bezos 'buying revenue'

What is it about Amazon.com, Inc. (NASDAQ:AMZN)? Tonight on MAD MONEY, Jim Cramer remarked how the company saw its profit slip over 30%, yet the stock gained over 10%. While it may be hard for most to understand such a mixed-up Street, Cramer said it makes sense if you think like a Mad Man -- like he does.

Cramer has been a hater of Amazon for a long time, he said. Why is it up? He thinks that so many were betting against it that they now HAVE to love the quarter, theorizing that a lot of the pop is short covering because they had 14% of the float short. Cramer said the company didn't change the long-term picture, but they spooked the shorts because of the near-term (which is another way of saying the Street is afraid Amazon.com might someday be good). Cramer said if you owned it you can go to the cash register and ring it.

But Cramer said he stands by his long-term prediction that Amazon.com is no good and he screamed "WE WILL BURY YOU!" He accused the company of "buying revenue" and predicted its stock will go lower. Cramer thinks Amazon's management is focused elsewhere, pointing out that Bezos is building a spaceport. He said the expansion into every aspect of retail isn't working because it is just too big. The stock is just too expensive, trading at twice its growth rate. He thinks he isn't wrong on Amazon, the longs just got lucky. He ended saying "If you ask me, you don't want to go near it."

AMZN traded up 12% to $37.68 in regular trading, but it fell 0.8% to $37.38 after Cramer slapped it.

Jon Ogg is a partner in 24/7 Wall St. LLC; he does not own securities in the companies he covers.