Microsoft announced the Lumia 950 and Lumia 950 XL smartphones Tuesday at the special Windows 10 event.

Microsoft acquired Nokia's devices back in April 2014 but has mostly released cheap devices with low-end specs. The Lumia 950 and Lumia 950 XL will be premium smartphones with higher price tags, an attempt to compete with new flagships recently released by Apple and Samsung, CNET reports.

The Lumia 950 will utilize the hexa-core Qualcomm Snapdragon 808 processor and have a 5.2-inch screen that displays 564 pixels per inch (ppi). Along with the Snapdragon 808 chip, the Lumia 950 will include 3 GB of RAM. Internal storage in the Lumia 950 will be 32 GB and microSD cards can add more storage. There will be a 3,000 mAh removable battery in the Lumia 950.

The Lumia 950 XL will be equipped with the octa-core Qualcomm Snapdragon 810 processor and have a 5.7-inch screen that displays 518 ppi. Along with the Snapdragon 810 chip, the Lumia 950 XL will include 3 GB of RAM. Internal storage in the Lumia 950 XL will be 32 GB and more storage can be added with microSD cards. There will be a 3,340 mAh battery in the Lumia 950 XL.

Both the Lumia 950 and Lumia 950 XL will include a 20 megapixel (MP) camera that Microsoft's Panos Panay, a lead in development of all Windows premium devices, said will be "unbelievable in low light" and also equipped with optical image stabilization (OIS).

Microsoft wants to highlight the Lumia 950 and Lumia 950 XL's abilities to run Windows 10 applications like Microsoft Word or Powerpoint. With Windows 10 in these devices, users will be able to start a document on their phone and finish it up on their computer or tablet. They can also use their phones to control a Powerpoint presentation on a large screen if they want, Gizmodo reports.

The Lumia 950 will cost $549, while the larger Lumia 950 XL will cost $649. Both devices will go on sale in November.