In what's being called a political "earthquake," the No. 2 Republican in the House, Eric Cantor, lost his primary on Tuesday to a college professor and tea party neophyte.

Cantor conceded the race with 99% of precincts reporting from the Richmond-area district showing him trailing Dave Brat 56% to 44%, according to the Virginia Secretary of State's website. Turnout was low.

"Obviously we came up short," Cantor said in his concession speech.

"It's disappointing sure but I believe in this country. I believe there is opportunity around the next corner for all of us," said Cantor, whose loss is all the more shocking because he's considered very conservative.

In a statement following Cantor's defeat, House Speaker John Boehner called the No. 2 Republican "a good friend and a great leader."

In his victory speech, Brat struck a populist tone.

"Dollars do not vote, you do," he said. "When I go to D.C., every vote I take will move the pendulum in the direction of the people, away from Washington, D.C.; back to the states; back to the localities; and back to you."

Mark Preston, CNN's executive political editor, said the defeat would have national implications since Cantor has been viewed as ambitious and a potential speaker.

"This came out of nowhere," Preston said.

CNN Political Analyst David Gergen called it an "earthquake" that would "send shock waves through the Republican ranks."

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