Microsoft's new Lumia 550 announced

Microsoft is staying in the budget phone market with the new Lumia 550, announced today at a press event in New York City. The 5-inch device is meant to replace the Lumia 640 and Lumia 640 XL as Microsoft's budget phone for developing countries, as well as cost-conscious consumers in the US and Europe.

The 550 will be familiar to anyone who spotted leaker Evan Blass' tweets from last week showing fresh renderings of the device, or the images leaked on Facebook the week before indicating the device's specs. The device will come with a 1GHz processor and 5-megapixel camera, starting at 8GB of storage for $139 this December.

The Windows budget phone is back

The Lumia 550 sits in the shadow of the 950 and 950 XL, both of which were given...

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