Obama said he spoke to Trump early Wednesday morning to congratulate him on the win and that he had spoken to Clinton. He said he "could not be prouder" of Clinton for her historic run.
The president acknowledged he and Trump have a tense relationship, but said he will support and respect the peaceful transition of power.
He also acknowledged that there are many people around the country who are very disappointed by the results of this election. Obama said he knows people are upset, but we have to keep pushing forward.
The president compared elections to "intramural scrimmages," saying we're all ultimately on the same team and have to be working together for a smooth, functioning democracy.
As he did on election night, Obama urged the American people to be calm.
And like Clinton did in her concession speech, Obama directly addressed young people.
He spoke to the younger Americans who may be feeling discouraged by the results of the campaign, saying that democracy is "not always inspiring."
You have to stay encouraged. Don't get cynical. Don't ever think you can't make a difference.
He echoed Clinton by saying, "Fighting for what is right is worth it."
The president explained America's path has never historically been straightforward. There have been lots of zig zags and unexpected turns along the way.
Sometimes, you lose an argument, sometimes, you lose an election. ... And that's OK.
At the end of the day, Obama said if you lose an election,
We learn from our mistakes, we do some reflection, we lick our wounds, we brush ourselves off, we get back in the arena. We go at it. We try even harder the next time.
Obama concluded his speech by saying we should go forward believing American citizens have good faith. Without that assumption, American democracy cannot continue.