Did it sell poorly compared to Bayo?
Depends on how and where you compare.
Japan? Definitely, though there could be decent digital sales.
Europe and US?
Compared to a single platform, it's doing quite alright. If you take 360 and PS3 together,then Bayo 2 is somehow disapointing.
As for making money or not, that depends on some factors. There's development and marketing budget, on what price you make your sales...
Bayo got a price cut pretty early at least in europe, so it's sales where on a budget basis for the most. I don't see that for the sequel given Nintendos pricing.
Dev and marketing: If that was low enough, Bayo 2 could already be making a small profit. At least in germany there wasn't big tv adds, though i don't know abeout US or UK etc., so the marketing budget could be pretty low. Then theres development budget and i really have no clue about that.
So, is Bayo 2 making money right now? Probably not, but it actually could in theory.
Will it be a loss in the long run? Depends on sales and pricing.