From CNN: "Today California has given me the greatest gift of all -- their trust, by voting for me," Schwarzenegger said at 10:40 p.m. (1:40 a.m. EDT). "I will do everything I can to live up to that trust. I will not fail you."
About an hour earlier, Davis called Schwarzenegger to congratulate him.
"We've had a lot of good nights over the last 20 years, but tonight the people did decide that it's time for someone else to serve and I accept their judgment," Davis said.
Despite recent reports that Schwarzenegger, 56, allegedly groped and sexually harassed at least 15 women, CNN exit polls showed that roughly 47 percent of female voters backed the Austrian-born actor. Men voted heavily for Schwarzenegger, according to these exit polls.
A whopping 72 percent of those who voted Tuesday said they disapproved of Davis' job performance, according to the exit polls, with only 27 percent giving the incumbent a positive approval rating.
While 52 percent of Latinos voted for Bustamante, the state's top Hispanic official, a strong 30 percent backed Schwarzenegger, according to exit polls. The same polls found that a majority of Latinos -- 53 percent -- voted "no" on the recall.
The winning candidate assumes office within 10 days of the official vote certification, which must be done by November 15, according to the state elections code.
Election officials reported heavy turnout throughout the day, in addition to more than 2.2 million previously cast absentee ballots, said California Secretary of State Kevin Shelley.