Earnings Results: Wish founder to step down as CEO amid another sales miss, disappointing holiday forecast

While reporting a disappointing revenue total and holiday forecast Wednesday afternoon, ContextLogic Inc. said founder Piotr Szulczewski will step down as chief executive.

ContextLogic WISH, the parent company of e-commerce platform Wish, has struggled this year after an initial public offering late in 2020. In an earnings report Wednesday afternoon, the company revealed that third-quarter sales dove to $368 million from $606 million a year ago, and said that revenue in the fourth quarter would actually decline from that total…