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The handset is said to have a WVGA screen around 4 inches, probably dual-core processor and like the Nokia Lumia 630 lacks hardware camera and navigation buttons.
The Nokia Lumia 520 was the first really successful windows Phone, selling tens of millions of units, with more than 40% of Windows Phones in USA being 52x devices. Hopefully the Nokia Lumia 530 will be even more successful at even lower price points.