Who in heck would have thought Facebook (FB) could have saved this market? It was a tall order after Tuesday's shellacking, but this company, with the most disgraced major initial public offering I can ever recall, reported a truly tremendous quarter Tuesday night. Then management followed it up with the best conference call of the season.

Here's a company that, by its own admission, hadn't done much at all on mobile up until the beginning of the year. In fact the company -- through CEO Mark Zuckerberg, who did an amazing job -- stated, point-blank, "We hadn't started trying yet" at the start of the year.

But now 14% of the business is mobile advertising, and it could double fairly easily amid the roll-out of Instagram, the acquisition of which just closed.

You know what stood out on this call compared with the previous one? Raison d'etre -- the rationale for believing that these guys are true capitalists who aren't just trying to build a social network but are building a socially based advertising network. This is a company that, after having initially been blindsided by the mobile revolution, is now ahead of it.

In fact, the company caught up so quickly that now you have to question the shorting ahead of the November lockup to hedge any gains -- whether that shorting might be overdone and whether the actual deal could come in above where the stock is today. That may seem tough to achieve, but when you listen to the call, you certainly want in to the stock.

What was so compelling? How about Zuckerberg's saying users and major advertisers like Facebook's mobile application more than desktop because it is easier to reach people and there is more engagement by customers on mobile? Unlike in the last call, Zuckerberg now has a ton of data to verify that bold claim, including the statistic that 40% of users are likely to use Facebook on the desktop, while 70% use it on mobile.

• Mad Money recap: Bright spots

Why wasn't this obvious before? Because it wasn't happening. I got the sense, from the mea culpa on the call, that Facebook's switch to supporting the Apple (AAPL) operating system has hastened the move greatly. I believe it's what has led to a real bonanza that is intriguing everyone from Procter & Gamble (PG) and Wal-Mart (WMT) to Amazon (AMZN) and Capitol One (COF). Maybe the terrific quarter of that last name could be pinned, in part, to the Facebook campaign.

How strong a case was there made for mobile on the call? It would not surprise me to see General Motors (GM) back on Facebook after that slap in the face the week of the IPO -- that is, if Facebook will let it. I could see how Facebook won't have to, as the company is now reaching three times the targeted audience of the Super Bowl every single day. Facebook says 70% of advertisers are reporting a tripling of their return on investment for their ads, another bold claim that I think Facebook can back up pretty easily. After all, the company told a story of tremendous gains for Samsung's phone through Facebook advertising as 85% of people who saw the ads for Samsung were more likely to buy a phone than not.

As good as the Apple mobile app can be, I can't imagine how strong the Android presentation will be, and that's just now being rolled out. It's just going their way.

Finally, we got a nail in the coffin that Zynga (ZNGA) declines can hurt the future. The company made clear that it was a Zynga problem, not a gaming problem, and that gaming revenue is doing just fine, thank you.

It was a remarkable call. The move in Facebook's stock is justified. The only thing that surprised me was that no analysts said congratulations. I guess they were as stunned as I was about how quickly Facebook's fortunes have turned and that the dream became a reality after one good quarter.

Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long AAPL.

More from TheStreet.com

• Apple vs. Amazon: Don't call it a price war
• Apple iPad Mini: First impressions
• Get ready for year-end bank stock apocalypse