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kowenicki said:

As ever with xbox and Microsoft you have to factor in the huge revenue from LIVE.  Its a cash cow of its own now.  LIVE revenue is in a different segment now.

Yes of course it is the software part that generates profit in the long run. However, even if we assume that all 3mio XBox One users are NEW live subscribers (a rather bold assumption), these 3mio user cannot make up for the 400mio difference.

Unless someone comes forth with the actual $$ numbers, I still believe that Kinect2 (a brilliant but very complex piece of hardware, looking at the teardown) is the major cause XBox Ones sell at a loss currently.