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celador said:

The topic of Microsoft's Xbox business was barely raised during its investor call, with no analysts asking about it at all. Some of CFO Amy Hood's statements did imply, however, that there is more supply than demand for its Xbox consoles. 


"We do expect to work through some inventory in Q4," said Hood, referring in this case to the period between April 1 - June 30, 2014. She also referred to "channel inventory drawdown for Xbox consoles," implying that manufacturing of Xbox consoles will slow or stop, to allow retailers time to work through existing inventory.

Full story: http://www.gamasutra.com/view/news/216199/Xbox_One_increases_Microsoft_revenues__but_its_cost_cuts_into_profits.php

They said that they shipped 5.1M consoles to retailers, but I bet that they have more consoles sitting in thier warehouse just waiting to be shipped, so a slowdown in manufacturing is likely at this point.

At least it's not near about as bad as the Wii U which had sold just 160k Consoles during April-July period last year.  I think X1 has already sold more than that in just the first couple weeks of april.