The Microsoft Lumia 535 was just launched. This phone is the first Lumia under the Microsoft Corporation (NASDAQ:MSFT) brand since the Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) name was dropped.

Microsoft Drops Nokia Name With New Lumia Smartphone

The new phone looks very similar to the Lumia 530 all thanks to the new device’s rounded corners and colored back. Microsoft added some its own touches to make the device complete like a 5MP front camera whic makes the phone perfect for selfies and Skype chats.

New Lumia smartphone highlights

The new Lumia 535 measures 5 inches. It also features 1GB of RAM, 5 inch qHD, IPS LCD with Corning Gorilla Glass 3, and 1.2 GHz Qualcomm Snapdragon 200 quad-core processor. It runs on Windows 8.1 with update for Lumia Denim. It also supports the Cortana voice assistant. Microsoft will offer Dual-SIM and 3G single versions.

This new phone does not offer much of an exciting change to the handset lineup, but the brand change could make a significant impact. Microsoft’s Windows Phone platform could also get a major boost. The Windows Phone platform has yet to gain much interest with consumers. It only powers just 2.5 person of all phones throughout the world. Google’s Android operating system runs on 85 percent of all mobile devices worldwide.

Microsoft’s impact on the smartphone market

Microsoft’s phone business isn’t exactly the most lucrative operation, and it may end up hurting the company in the long run. Restructuring the costs involving Nokia’s absorption dragged profits in its most recent financial results even though Microsoft sold 9.3 million Lumia phones, an increase up to 5.8 percent from last year’s record breaking 8.3 million phones sold.

The Lumia is not a high-end phone and that turns off many phone buyers in the United States and western Europe. It also isn’t as cheap as some Android models in the budget price range. According to Microsoft, the Lumia 530 will launch in select markets this month, however the exact markets were not mentioned. Given the Dual-SIM option, the phone will most likely debut in Indian and Asian markets.