Microsoft unveiled on Nov. 10 the Lumia 535, the first-ever Lumia phone to drop the Nokia branding.

The new Lumia, however, is not meant to be a flagship smartphone. Rather, it is intended to be a budget dual-SIM mobile phone that looks to target emerging markets.

"Today sees the launch of the new Microsoft Lumia 535, our '5x5x5' smartphone package bringing a 5-inch screen, 5-megapixel front- and rear-facing camera, and free integrated Microsoft experiences (such as Skype and OneNote) to more people at an affordable price," Microsoft posted in the Lumia Conversations blog, which it took over from Nokia.

Lumia 535 has two versions: the 3G single SIM and 3G Smart Dual SIM. Both versions come with the Windows Phone 8.1 mobile operating system, accompanied by the Lumia Denim Update, and features a quad-core 1.2GHz Qualcomm Snapdragon 200 processor.

The operating system included with the successor to the Lumia 530 will provide users with a highly customized experience, with access to features such as the one-swipe Action Center, Live Folders, Word Flow and the Cortana smart assistant.

The Lumia 535 also sports the same 5MP front camera that is found in the Lumia 730 and 735, which is supported by the Lumia app for selfies. The 5MP rear-facing flash camera, on the other hand, is supported by the Lumia Camera app.

The new Lumia has a 5-inch display with a 960 x 540 resolution, with a similar plastic back and rounded corners but in a slimmer and bigger body compared to the Lumia 530. It has 8GB worth of memory, which can be expanded up to 128GB through a microSD card.

The price for the Lumia 535 will vary between markets and operators, but it is estimated to be about $140 before subsidies and taxes.

The Lumia 535 is not much of a rebirth for the line of smartphones. However, dropping the Nokia brand and adopting the Microsoft name represent a new direction for the Lumia product line, which has struggled in the market since it was introduced.

A teaser for the first-ever Microsoft Lumia smartphone was released by the company last week, stating that the device would be unveiled on Nov. 11.

The Lumia smartphones, which are known for their bright colors and top-of-the-line cameras, did not do very well in terms of sales, except in a few emerging markets.

In addition to the mission to increase sales for the Lumia, Microsoft is also looking to increase the adoption rate for its Windows Phone mobile operating system, which has not been able to gain a significant market share. Only 2.5 percent of devices worldwide are running it.

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