I think what would be a fair assessment in NA, is that its not end of the world for MS (yet), as overall sales are not that far behind.
Launch sales are normally hard to evaluate the popularity of a console. WiiU sold amazing at launch also remember? The records sales we hear from MS and Sony, have more to do with them having massively more supply this time around.
Its how long after launch can a console sustain selling out every new stocks, & post the sellout honeymoon period, when supply have exceed meet demand, how much it sells consistently.
Which is why, the sales trend for XBOX ONE is worrying, even if you take PS4 out of the equation. 3rd month into launch, supplies have already exceeded demand, & 140k sales for brand new console is not fantastic number in my opinion. (360 was 240k with supply issue first Jan, even better the 2nd Jan, with PS3 launching, base on info by someone here)
Maybe we can say its decent number, then when we put PS4 back into the equation. It was selling almost 2X more with supply issue. We do not know how much more it was really more popular as they cannot supply enough, but at the minimum, its about 2x more popular in NA, the biggest market for console sales, & where MS was market Leader.
There will be a point when popularity of PS4 drop, & their supply exceeded demand, but its hard to tell when, maybe next month, maybe 6 months later.
If we think about worldwide sales, comparing only markets where both are available, the lifetime sales is even poorer for MS. No people do not hate MS & adore Sony, other than Japan, despite what people in America thinks.
5:1 spain, 2.5:1 Germany, 1.5:1 U.K etc & thats with Sony console being sold out for long period (except maybe U.K, not sure) .
If MS is happy with the sales numbers, or are happy to be a distant 2nd, then there is no need for any action. But I can't imagine that to be true, after gaining so much ground last gen.
They have to in my opinion (at a minimum) think about how to win back sales, & put them into action when the button is pressed.