The much-rumored Microsoft Lumia 650 is finally official, boasting a sleek metal frame, Windows 10 out of the box, and at a budget-friendly price point.

The sub-$200 smartphone aims to cater to the budget segment of the smartphone market, while also offering neat features and a good overall performance. The new handset joins other Windows 10-powered Lumias such as the 950/950 XL and 550.

The new Lumia 650 leaked earlier this month and raised plenty of interest, shaping up as a stylish metallic device. As it turns out, that leak was pretty accurate as Microsoft has indeed added a metallic touch to make its Lumia 650 look and feel more premium. The smartphone doesn't have a full-metal body, but the metallic frame does improve the overall design.

The "highly polished, diamond cut and anodized aluminum frame" gives the Lumia 650 an "unparalleled and premium feel," according to Microsoft.

The company also boasts that the Lumia 650's 5-inch OLED display is crisp, bright, with vivid colors and deep blacks, delivering an HD resolution of 1,280 x 720 pixels.

"It's by far our most beautiful screen ever at this price point," says Microsoft.

Other specs of the Microsoft Lumia 650 include a Qualcomm Snapdragon 212 processor, 1 GB of RAM, an 8-megapixel rear camera, a 5-megapixel front shooter, 4G LTE connectivity and a 2,000 mAh removable battery.

The smartphone packs 16 GB of internal storage space, expandable up to 200 GB via microSD. The Lumia 650 doesn't come with Continuum support to turn the phone into a mini PC, but that's understandable considering the processing power.

"We've paid attention to every detail, pairing the highest level of craftsmanship with maximum everyday productivity," Microsoft adds, describing its latest Windows 10 smartphone as a smart choice for business users.

Despite its sleek design and neat productivity features, however, there's no denying that the Microsoft Lumia 650 is still a low-range smartphone and its $199 price tag accurately reflects it.

Software features include the latest Microsoft Office apps preloaded, OneDrive syncing, Cortana, and more.

"The Lumia 650 fits perfectly into the enterprise with built-in support for Microsoft business applications, new third party Universal Windows Applications like Uber, and one click setup of common everyday tools like Office 365," Microsoft further notes. "It also allows IT to test the latest Windows 10 Mobile updates against critical line of business systems and apps, before you distribute to end users via MDM."

When it comes to security, the new Microsoft Lumia 650 promises to keep data safe with advanced features such as device wipe and encryption to protect one's privacy and sensitive information.

The affordable Lumia 650 should make its debut in select markets in Europe later this month, on Feb. 18, priced at $199. Previous rumbles indicated that the Lumia 650 could be the very last Lumia, as Microsoft is shifting its focus toward the elusive Surface Phone.

Whether it's really the last Lumia or just the latest one, check out the video below to learn more about the Windows 10-powered Microsoft Lumia 650.

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