Microsoft is set to unveil its first batch of Windows 10 Mobile devices next month. Although much of the anticipation has been geared towards the Lumia 950 and Lumia 950 XL, it's the Lumia 550 that has been leaked around for the past few days.

Now, a new render has added to the rumored specs sheet of the Lumia 550 while another report has indicated that the upcoming device will come in four color variants.

Russian website One Tile recently posted a render of the Lumia 550 online. An updated report on an English tech site has since legitimized the image while also listing details of Microsoft's next-generation budget smartphone. Click here to view the initially leaked render of the Lumia 550.

As listed on WM Power User, the Lumia 550 will allegedly feature the following specs:

  • 1.1 GHz Qualcomm Snapdragon 210 quad-core
  • Removable SD
  • 8GB internal storage
  • 4.7-inch 720 x 1280 AMOLED display
  • White or Black glossy polycarbonate
  • LTE
  • Rear camera with flash
  • Metal around the display
  • Front-facing camera with flash or Iris scanner
  • On-screen keys
  • Speaker lower left on the rear
  • Costs around $120 or 120 Euros

Short thereafter, the same website got hold of another batch of Lumia 550 renders. This time, the handset was shown off in four color variants.

Microsoft's next-generation budget smartphone will be available in Bright Red, Black, White and the previously leaked Bright Blue. The renders suggested that the handset will resemble the Lumia 640 but with added Iris scanner and front-facing flash, WM Power User reported.

Rumor has it that the Lumia 550 will be showcased at a Microsoft event this coming Oct. 6. The upcoming budget smartphone will be sharing center stage with the pair of Windows 10 Mobile flagship smartphones.

What does the Windows 10 Mobile operating system actually bring to the table?

According to Cubic Lane, Windows 10 Mobile differs from other smartphone operating systems since it is not a standalone mobile platform. The OS is cut from the same cloth as the Windows 10 running on desktop computers.

This means that applications on the Windows 10 desktop can work smoothly on Windows 10 smartphones without developers having to create separate application builds. Microsoft aptly calls these apps Universal Apps.

Windows 10 also features Continuum. Through Continuum, Universal Apps can alternate between desktop and smartphone displays. They can also reshape themselves to fit the displays of devices that users are running them on.

Basically, through Continuum and Universal Apps, Windows 10 Mobile devices can run like Windows 10 desktop computers once the handset is connected to a bigger screen.