In the polls, the Scottish National Party won 35 seats, the Liberal Democrats 12 and the Democratic Unionist Party got 10.
May leads the Tory party which came up eight seats short of getting the 326 required to make up a majority of the British Parliament, creating a "hung parliament".
May unexpectedly called the snap election seven weeks ago, three years early, polls predicting she would massively increase the slim majority she inherited from Cameron.
If confirmed the result will be a disaster for May, who called a snap election in the hope of increasing her majority and strengthening Britain's hand in exit talks with the European Union.
May held talks Friday with Arlene Foster, leader of the DUP, ahead of making the short vehicle journey to Buckingham Palace to outline her plan to Queen Elizabeth. According to the exit polls, whichever party forms the next government will need to form a coalition with smaller parties, a reality that is more common in other parliamentary democracies, such as Israel. But, instead, support for her party declined dramatically, leaving her government far more precarious than before. Corbyn's Labour Party now has 261 seats.
"The cold hard fact is that if I lose just six seats, I will lose this election, and Jeremy Corbyn will be sitting down to negotiate with the presidents, prime ministers and chancellors of Europe", she had written on her Facebook page. "This is a major disaster for her personal authority over the country and the Conservative Party, particularly because she made this election all about her "strong and stable" leadership", Jane Merrick wrote for CNN.
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"I think her position is, in the long term, untenable", Conservative lawmaker Anna Soubry told Sky News.
"The mandate she's got is lost Conservative seats, lost votes, lost support and lost confidence", Corbyn said in a speech early Friday. Meanwhile, Corbyn's popularity kept rising, eventually passing Prime Minister May's numbers in some polls.
"It is the policy of both the Conservative party and the UK Labour party to respect the Brexit referendum result".
A delay in forming a government could push back the start of Brexit talks, now scheduled for June 19, and reduce the time available for what are expected to be the most complex negotiations in post-World War Two European history.
Speaking after the result, Mr White congratulated Julie Cooper on her win saying it has been a "clean and fairly fought campaign".
He had annoyed many Conservatives who want a clean break with the European Union by stressing the need for a Brexit deal that allows companies to keep on hiring the migrant workers they need, and took the blame for a policy U-turn in March when he quickly dropped a plan to raise social security tax for self-employed workers.
The Green Party's Laura Fisk said: "It has been an extraordinary election in extraordinary circumstances and it has been a pleasure to be involved in the democratic process".