On a disastrous night for Labour, which saw a string of the party's strongholds fall to the Tories, Mr Corbyn said he would not be leading the party into the next general election.
He did, however, say he intended to take the party through a "process of reflection" while they considered the way forward.
I will discuss with our party to ensure there is a process now of reflection on this result and on the policies that the party will take going forward.
As results began to roll in, Mr Corbyn was rounded on by angry Labour MPs and defeated candidates who said his leadership was to blame for their catastrophic showing and called on him to go.
Among those who spoke out against their leader were outgoing Sedgefield MP Phil Wilson and outgoing Redcar MP Anna Turley.
Jeremy Corbyn also came under fire from some of his party members who retained their seats.
Phil Wilson - Labour
Phil Wilson, who lost Tony Blair's former seat of Sedgefield to the Tories, said attempts by the leadership to put the result down to Brexit was "mendacious nonsense".
Jeremy Corbyn's leadership was a bigger problem. To say otherwise is delusional. The party's leadership went down like a lead balloon on the doorstep." >
Paul Howell - Conservatives
This is about listening to the people of Sedgefield and delivering for them. As a boy from Ferryhill, I am so proud and delighted and I really look forward to representing each and every one of these 63,000 odd constituents of Sedgefield and delivering a better North East for them. >
Number of seats Labour won in the 2017 General Election.
Number of seats Labour won in the 2019 General Election.
Number of seat Labour held when Parliament was dissolved in November 2019.
Allies of the Labour leader, however, insisted the defeat was down to the inability to overcome differences over Brexit rather than a rejection of Mr Corbyn's radical left wing policy programme.
The party was left with just 203 seats - down from the 262 it won in the 2017 general election and the 243 it held when Parliament was dissolved in November.
Anna Turley - Labour
Those at the top will have to take responsibility for this, or the Labour Party is finished. (Jeremy Corbyn)... He is the leader of the Labour Party."
Jacob Young - Conservatives
People here, want an MP who will listen to them, get Brexit done and really start to listen to what people on the ground are saying. We need to leave the EU. That is what people asked for, so that is what we want to do.
Helen Goodman- Labour
I'm concerned that this might be the beginning of something, but I hope it is just a blip. Which of those two it is, depends on how we respond, whether we get our act together, and how quickly." >
Dehenna Davison - Conservatives
I will work tirelessly alongside our local communities to build a better Bishop. This election is not about maintaining the status quo, this election has been a vote for change." >
Jenny Chapman - Labour
Clearly I'm disappointed with the result but I do hope that we can continue to move forward as a town and to support this community here that I love and care so much about and I'll be on your case Peter, holding to you count, as no doubt you would expect.
Peter Gibson - Conservatives
There's something transformational happening in the Tees Valley. I think people have now come to realise that Labour is not the party that represents them in the Tees Valley. Labour is not the party that stands up for them.