Why Jim Cramer Is Calling The Bottom For AT&T's Stock

Shares of AT&T Inc T are trading slightly higher—although volatile— following better-than-expected third-quarter financial results.

What Happened: AT&T reported quarterly adjusted earnings of 87 cents per share, which beat the estimate of 78 cents per share. The company reported quarterly revenue of $39.92 billion, which beat the estimate of $39.14 billion.

Related Link: AT&T Shares Gain After Q3 Earnings, HBO Strength, Robust Full Year Outlook

Cramer's Take: 'I'm willing to say this is the bottom," Jim Cramer said Thursday on CNBC's "Squawk On The Street."

Cramer doesn't hate the stock anymore, but it's hard to find the upside potential. He described AT&T's accelerating buildout for fiber as "bullish" and the company's 1.2 million wireless net adds as "very good."

"This is arguably the most important earnings story out there ... this is a better-than-expected quarter and it is taking share from people," Cramer said.

The stock is down 10% year-to-date. Following the strong financial results, Cramer is easing off his negative sentiment and calling a bottom for AT&T.

T Price Action: AT&T has traded as high as $33.88 and as low as $25.01.

The stock was up 0.31% at $25.99 at time of publication.

Photo: courtesy of AT&T.