Microsoft may have written off most of its Nokia deal for $7.6 billion last year, but the company is now working on a "more effective phone portfolio." While we've only seen the Lumia 950 / Lumia 950 XL and Lumia 550, Microsoft is unveiling a new Windows 10-powered handset today: the Lumia 650.

Microsoft's Lumia 650 appears to be part of the "effective phone portfolio" that will target businesses. Microsoft describes it as "the smart choice for your business" in its announcement video, with built-in apps like Office and OneDrive. The actual handset itself looks like most other recent Lumias, with a 5-inch AMOLED display and aluminium frame. It's designed to be thin and light as a result, but it's still a low-range phone.

The Lumia 650 also includes an 8-megapixel camera at the rear, and a 5-megapixel front-facing wide-angle camera. Unsurprisingly, Microsoft isn't including Continuum support here as the Lumia 650 ships with Qualcomm's Snapdragon 212 which isn't designed to transform the phone into a PC.

Microsoft is planning to release the Lumia 650 in select markets in Europe on February 18th, priced at just $199. Previous reports have suggested this might be the "last Lumia" we'll see this year, as part of Microsoft's continued refocusing of its mobile efforts. Microsoft is rumored to be preparing a "Surface Phone" that may arrive later this year.