Microsoft is gearing up to launch its own mobile phone in a project codenamed 'Pink', according to reports.
 
The Microsoft-branded phone will launch with a set of accompanying consumer services that are in development and will build on the core Windows Mobile 7 platform.

The move is a new bid to crack the mobile phone market, after its decision to launch an application store earlier this year.

Last month, it was reported that Microsoft was in talks with America’s biggest mobile carrier Verizon Wireless to launch a smartphone early in 2010. Microsoft declined to comment.

Microsoft revealed in February that it would have a marketplace for applications, which is set to open in the second half of 2009.