The phone is powered by Qualcomm's Snapdragon 410 – one of the company's first 64-bit chipsets to hit the market. It's coupled with an Adreno 306 GPU, a modest 1 GB of RAM, and just 4 GB of (expandable) storage. The screen measures at 4.5", with a 480 x 854 pixel resolution, which amounts to a 218 PPI pixel density. Its main camera has a 5 MP resolution and the selfie-cam is a 2 MP one. Huawei promises fast download speeds (up to 150 Mbps) with the handset's 4G capabilities.
As far as software goes, the Y550 uses Huawei's Emotion UI overlayed on top of Android 4.4 KitKat. Additionally, as if to underline the device's status of an entry-level handset, Huawei has added the optional "Simple UI", which features "large icons and straightforward layouts".
It is yet unknown which regions Huawei intends to target with the device, though, if planned, a US launch shouldn't be far behind as well.
source: Android Central