Microsoft has been known to have many hits and misses when it comes to the launching of their devices. The company's dabbling in the smartphone market wasn't one for much success, as their attempt to create cheaper smartphones had already been done by Google.

Forbes reports that sales for Windows 10 Mobile phones have been disappointing. According to the site, the market share of Windows Phones shrank from 3 percent in the third quarter of 2014 to 1.7% during the third quarter of this year. Microsoft has struggled to keep up with its competitors and has tried to make up for its past failings, but many of their attempts seem to be in vain.

Windows Central reports, however, that there may be hope for Microsoft in the flagship market yet. The website talks about a "Surface Phone" that might be the so-called "saving grace" of the company. Microsoft has enjoyed success in the sales of its Surface tablets, and hopes to duplicate that success in its upcoming smartphones.

The rumored flagship is reported to be developed by Panos Panay, along with the team of engineers that were responsible for the Microsoft Surface as well as the Surface Book. The Surface Phone is already slated for release in the second quarter of 2016.

Microsoft has been very secretive regarding the details of its latest project. In fact, the details have been sketchy as of late. Windows Central did, however, drop some hints about the phone having a metal body and Intel being involved. 

Many speculate that the premium flagship phine will be running on x86 chipset or is something that is on par with the Qualcomm Snapdragon chipsets. It is also likely that the phone will not only run Windows Store apps, but classic Win32 apps, as well. This would make the Surface Phone a true computer that fits in the palm of one's hand.

If the release is to be accomplished by next year, it should provide some interesting competition for companies such as Apple and Samsung. The Surface Pro series was successful in their sales because they offered convenience for those who could not be bothered with carrying around a laptop, but needed something more powerful than a normal tablet. It will be interesting to see how Microsoft manages to incorporate this into a smartphone. 

The Microsoft Surface phone just might be Microsoft's shot at redemption in the ever fickle smartphone market. The phone is said to be released in August or October of next year. It remains to be seen if this will be Microsoft's saving grace in the ever competitive market of today.