President Barack Obama on Tuesday was elected to a second term.

Hours after major networks called the election for Obama, his Republican rival, Mitt Romney, conceded defeat.

Romney was brief in his concession speech, congratulating the president on his win.

“I have just called President Obama to congratulate him on his victory,” Romney told a crowd in Boston. “His supporters and his campaign also deserve congratulations.”

“This is a time of great challenges for America, and I pray that the president will be successful in guiding our nation.”

Romney called his running mate, Wisconsin Rep. Paul Ryan, “the best choice I've ever made” besides his wife, Ann.

“I so wish – I so wish that I had been able to fulfill your hopes to lead the country in a different direction, but the nation chose another leader. And so, Ann and I join with you to earnestly pray for him and this great nation.”

Appearing in Chicago, Obama addressed supporters for nearly 25 minutes.

“I just spoke with Governor Romney and I congratulated him and Paul Ryan on a hard-fought campaign,” Obama said in his victory speech. “We may have battled fiercely, but it's only because we love this country deeply and we care strongly about its future.”

“America, I believe we can build on the progress we've made and continue to fight for new jobs and new opportunity and new security for the middle class. I believe we can keep the promise of our founders, the idea that if you're willing to work hard, it doesn't matter who you are or where you come from or what you look like or who you love. It doesn't matter whether you're black or white or Hispanic or Asian or Native American or young or old or rich or poor, able, disabled, gay or straight, you can make it here in America if you're willing to try,” he added.