While Microsoft fans are waiting for the launch of the company's new Windows 10 operating system on the 29^th of July this year, a new Microsoft Lumia smartphone is expected to come out some time around the second and third quarter of this year as well.

Microsoft is also preparing to launch two other Lumia devices this year, the Microsoft Lumia 940 and Lumia 940 XL, according to reports.

Like the two Lumia 940 devices, the Lumia 1030 is also expected to run on Microsoft's latest Windows 10 operating system.

The new Windows 10 operating system is being designed, according to a report, as an integration of the company's PC, phone and game console operating systems.

The new Lumia 940, Lumia 940 XL along with Lumia 1030 handset will possibly be the first smartphone devices to run on the new operating system.

The new Microsoft Lumia 1030 handset is expected to sport a 5 inch AMOLED display screen with a 1080 x 1920 resolution. Earlier rumors suggested a 5.8 inch Quad HD display screen with a 1440 x 2560 resolution.

What's very surprising and interesting about this new phone is its superior 50 mega pixel rear camera that comes with optical image stabilization and auto/manual focus capabilities. This primary camera will definitely offer users and photographers crystal clear images.

On the other hand, the Lumia 1030 will only have a 2 mega pixel front-facing camera, according to rumors. The new handset is expected to pack 2 GB worth of RAM, just like its predecessor the Lumia 1020, along with 32 GB internal memory space.

The internal memory can be expanded up to 128 GB via a microSD card. It's unclear what processor Microsoft intends to use for this new phone, but reports suggest it might have Qualcomm's Snapdragon SoC. As of this time, it's still uncertain when exactly the new Microsoft Lumia 1030 smartphone will be released.