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.”