Microsoft announced a new, "more affordable" smartphone in its Lumia line of devices during the company's Windows 10 Devices Event Tuesday.

The new Lumia 550, which will retail for a price of $139, is "Microsoft's most affordable 4G LTE smartphone running Windows 10," according to the company. The smartphone also includes the latest Qualcomm Snapdragon quad-core processor.

The Lumia 550 is touted as a "more affordable" option in Microsoft's smartphone line, especially compared with the other new smartphones the company unveiled during its Windows 10 Devices Event Tuesday, the new Lumia 950 retailing for $549 and the Lumia 950 XL retailing for $649.

The Lumia 550 will begin rolling out in select European markets in December with more markets to follow.