AT&T announced Monday that it is launching its HTC Status smartphone this week on July 17. The phone with a dedicated Facebook share button will go on sale in AT&T stores for just $50. The smartphone is mostly targeted at young consumers who spend a lot of time browsing social networking services.

Below the physical keyboard HTC placed the share button that allows fast access to key Facebook features. Thus, if you want to post something on your or your friend’s wall you just press the button from the home screen. Besides, the phone allows users to check into Facebook Places.

The Status runs Android 2.3.3 (Gingerbread) operating platform and has an enhanced version of the HTC Sense interface including a Facebook chat app that lets you continue chatting even when you take a call, play a game, or browse the Web, AT&T says.

It features only 2.6-inch touch screen with 480-by-320 resolution. The rear-facing, 5-megapixel camera has auto-focus and LED flash; the front camera has VGA resolution.