You have toe valuate Microsoft's goals. If they want profitability then they can be content being a solid second and count their money. if they want market share then a price cut this Summer or Fall would help them in that, particularly in the US.
Right now I would guess Microsoft is fine with the situation, the console is selling well despite headwinds some of us thought it faced. The issue in perception is PS4 is doing so well that it is distorting expectations. I would venture Microsoft was happy with last generation never having much hope of catching Nintendo they are content to count their profits for next seven years.
We may be witnessing the end of heavy loss leading like the PS3 endured as companies rather sell X and make money each than 1.5X and lose money on each. I do not think any of the three is losing money (if they are, barely) and easily make up for it with a peripheral, subscription or few games.
