I can't tell you what Microsoft is thinking internally, but as much as I find these results unsurprising, I also find them unalarming.
Microsoft's problem is price, and it's going to take more significant moves on that price front if they want to get back to consistent sales parity with the PS4. I think they'll be fine with games, though naturally it wouldn't hurt to have several good titles come along and build some momentum, but on the games that matter, they'll be fine. They'll have all the multiplatforms that the audience craves, they'll have a handful of exclusives that can draw additional people in. They might suffer a bit on variety, but they'll trade that off with some superior titles in other genres.
That said, it's not as if the Xbox One is performing poorly, at least not in the US. It's doing quite well. The problem is more of perception locally, as obviously PS4 is doing tremendously well. And as long as Sony keeps the price advantage in these first couple of years, it will keep outperforming Microsoft, and then even if later on Microsoft achieves parity, the die will already be cast, inertia will win out, and Sony will continue to outsell the Xbox One.
If Microsoft wants to come to parity in sales, they need to first achieve price parity, do it quickly, and that likely means removing Kinect from the box. If they're not willing to do that, these results will continue, and maybe they're fine with that.
