Microsoft unveiled its Lumia 950 and Lumia 950 XL premium smartphones earlier this month and also introduced a more affordable Lumia 550.

Despite hitting the market with three new phones, Microsoft might still have something up its sleeve. Rumour has it the company is actually hard at work on yet another Lumia unit -- a budget version.

Tech Times reported that Microsoft wants to give its clients a mid-range handset that runs on Windows 10. It’s highly likely this new model will be unveiled only when Lumia 950, Lumia 950 XL and Lumia 550 go on sale.

Considering this mysterious smartphone is being touted as an "affordable flagship”, fans were quick to speculate it could be the successor to Microsoft's Lumia 830. It’s also thought the device will be launched sometime in the spring of 2016.

"Business-focused devices, phones for customers looking for low price smartphones, and high end devices for Windows enthusiasts" are going to be unveiled pretty soon, hinted Microsoft CEO Satya Nadella, according to WMPowerUser.

It’s also speculated the timing of the release of the new Lumia 830 was purposely set for next spring. This will means the fanfare that surrounded the October launch of the three recently released Lumia devices will be replaced with hype for the upcoming budget flagship.

But since the supposed Lumia 830 successor is still months away from production, it’s still possible for Microsoft's bosses to cancel the project entirely. It must be noted Microsoft did suffer from financial turbulence after the acquisition of Nokia’s handset division. This event led to a write-off amounting to $7.6 billion. Plus, Microsoft also had to cut thousands of staff.

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