"The President made clear that the United States has begun to review the way that we gather intelligence, so that we properly balance the legitimate security concerns of our citizens and allies with the privacy concerns that all people share."
Hollande's office said the President expressed his "deep disapproval with regard to these practices" to Obama and that such alleged activities would be unacceptable between allies and friends.
The two Presidents agreed that French and American intelligence services would cooperate on investigating the report, according to the statement from the French President's office.
French Foreign Minister Laurent Fabius and U.S. Secretary of State John Kerry also met Tuesday to discuss the claims. The U.S. ambassador to France, Charles Rivkin, was summoned to the French Foreign Ministry in Paris on Monday to discuss the alleged spying.
Claims of U.S. spying, resulting from leaks by Snowden, have also soured U.S. relations with Mexico and Brazil.
Der Spiegel recently published allegations, citing Snowden as its source, that the U.S. National Security Agency "systematically" eavesdropped on the Mexican government and hacked the public e-mail account of former Mexican President Felipe Calderon.