The Nokia Lumia 925 is thinner and lighter than its predecessor and uses an aluminum frame.
The new smartphone is seems to be Nokia's response to criticism of the flagship Lumia 920, which was derided for being too thick and heavy.
The most distinguishing design feature of the Lumia 925 is its aluminium frame, which also acts as the phone's antenna.
This design means the 925 is actually the first model in the Lumia range to feature metal in its construction.
At 139g, the Lumia 925 is almost 50g lighter than its predecessor and it's just 8.5mm thick compared to the 10.7mm thickness of the Lumia 920.
The back of the phone is a polycarbonate piece that will be available in black, white or grey colour variants.
The display now uses OLED technology rather than the Lumia 920's IPS panel, but it's the same 4.5in size and 1280x768 resolution.
The Lumia 925 only has 16GB of internal memory compared with the 32GB of its predecessor. With no microSD card slot, this could be a turnoff for some users.
Specifications elsewhere are much the same. The Lumia 925 has an identical 1.5GHz dual-core 1.5GHz processor, the same 1GB of RAM and the same 2000mAh battery as the Lumia 920.
The 8.7-megapixel camera with optical image stabilisation is also identical.
There is a new software addition to the camera, called Smart Camera. It's a capture and edit tool that introduces three new features including the ability to capture ten shots in a short burst.
The Lumia 925 is capable of wireless charging, but only with an optional wireless charging cover which clips to the back of the phone.
The wireless charging cover is available in black, red, white and yellow colours.
The Nokia Lumia 925 is expected to launch in Australia but Nokia says "it's too early to share details on availability and pricing for Australia".
Sales are expected to start in the UK, Germany, Italy, Spain and China in June, followed by the US and "a number of other markets."