Yeah. That does certainly seem to be the case. The XBO had only a small YoY decline in 2017, but that decline accelerated starting in June when the X1X was fully revealed:
Interestingly, while the XBO was up YoY for November thanks to the X1X launch, the XBO was still down YoY in December. Supply issues, maybe? The X1X did help the XBO to have its best-ever Q1 and second-best Q2 in 2018, though.
Supressed demand on a console that is still quite healthy can do that.
duduspace11 "Well, since we are estimating costs, Pokemon Red/Blue did cost Nintendo about $50m to make back in 1996"
Mr Puggsly: "Hehe, I said good profit. You said big profit. Frankly, not losing money is what I meant by good. Don't get hung up on semantics"
Azzanation: "PS5 wouldn't sold out at launch without scalpers."