Microsoft has released the brand-new Lumia 550. The Windows 10 smartphone sports a 4.7-inch LCD screen carrying a 720 x 1280 resolution display, with Qualcomm's Snapdragon 210 processor under the hood.

First showcased in October, the Lumia 550 is currently exclusive in Europe. However, the Washington tech giant assured on a recent Windows Blog post that the handset will arrive in other countries in the coming weeks.

Its $140 price tag makes it the cheapest Windows 10 smartphone out in the market today. Windows fans on a budget can now access Microsoft's latest mobile operating system and apps.

The Lumia 550 comes with all the standard Microsoft apps and features, including Office, Cortana and OneDrive. Its integration with OneDrive means users can pick up where they left off across multiple Windows 10-supported devices. That said, the handset doesn't exactly pack the most powerful specs.

Memory-wise, there's 1GB of RAM and 8GB of internal memory expandable via microSD slot up to 200GB. The pistons are kept pumping by a 2,100 mAh dry cell which offers 16 hours of talk time and could theoretically last up to 28 days when the handset is left on standby mode. GSMArena listed video playback at seven hours while music playback is at 60 hours.

The handset's five-megapixel back camera includes LED-flash and is capable of autofocus, touch focus and geo-tagging. The rear-facing unit can record 1280 x 720 resolution videos at 30 frames per second. The two-megapixel front-facing shooter takes below average selfies and video calls.

The Lumia 550 might be the cheapest Windows 10 smartphone, but it's not the cheapest Lumia-branded handset to ever hit the market. Microsoft released the $80 Lumia 435 and $90 Lumia 532 back in January, but they were primarily aimed at developing markets, VentureBeat reported.

Bloomberg indicated earlier this year that Microsoft wrote off $7.6 billion following its acquisition of Nokia's Devices and Services division. CEO Satya Nadella has since refocused the company's efforts away from "devices and services." Nonetheless, the company hasn't fully given up on its mobile business with the recent releases of the new Windows 10 smartphones. Microsoft is still optimistic that it can gain some leverage in an arena dominated by iOS and Android.

Microsoft's latest mobile OS aims to unify the mobile and desktop experience by letting developers create apps that can work on all Microsoft platforms, including phones, tablets, desktops and even on Xbox consoles.

It's worth mentioning that Windows 10 for mobile devices isn't exclusive to Microsoft handsets. Asian OEMs such as Acer, Freetel and VIAO are poised to release their Windows 10 smartphones in early 2016, per K-Tai.