“HP’s solid performance in Services drove record profit, and the accelerated pace in signings creates strong momentum going into 2010,” said CEO Mark Hurd. “Our operational execution and improving cost structure generated strong quarterly and year-end results. We expect to outperform the market due to our significant scale, broad portfolio and market-leading position.”

Looking ahead to its first quarter, HP sees revenue of $29.6 billion to $29.9 billion and diluted earnings per share of 90 cents to 92 cents.

Sources tell TechFlash that Microsoft (MSFT) will make additional job reductions this week–beginning as early as today. Cuts are expected to number in the hundreds–smaller than those made in January and May, but ugly just the same.

“As we move forward, we will continue to closely monitor the impact of the economic downturn on the company and if necessary, take further actions on our cost structure including additional job eliminations,” Ballmer said in May. Given that Microsoft posted declines in revenue and profits in its latest quarter, I suppose this week’s rumored “action” was inevitable.

UPDATE: Cuts are indeed being made today–800 of them. Here’s the official word from Microsoft:

“Earlier this year, we announced that in order to reduce costs, increase efficiency and prioritize our focus areas, we would eliminate approximately 5,000 positions by June 2010. Today, we are eliminating around 800 positions spread across multiple businesses and locations and have completed our reduction plan sooner than we had anticipated 11 months ago. At the same time, we continue to hire in priority areas, but also understand that continuing to manage our businesses closely, as we always do, can mean additional headcount adjustments.”

With revenue in its electronic measurement unit down roughly 30 percent from 2008 to the lowest level in Agilent’s 10-year history, the company had little choice but to “resize” that business. “For Agilent to realize its full potential, we must have a financially healthy company and a solidly profitable Electronic Measurement business,” said Bill Sullivan, Agilent president and chief executive officer. “We will move quickly to resize the EM businesses to the new business levels, align resources to the best market opportunities, and position the company for the new economic environment. We have been very aggressive to date in addressing the downturn in electronic measurement markets. However, business remains severely depressed, and there are no prospects for a meaningful recovery in the foreseeable future.”

Ugly news, especially since “foreseeable future” translates to “until 2011-2013,” according to Agilent (A) CFO Adrian Dillon. “We don’t expect (demand) to come back any time soon, so we’ve got to fundamentally change the cost structure,” he told Reuters. “We will not see a 2008 level of activity at least for two to four years.”

[Image credit: someecards]

For eBay, whose shares have plummeted some 43 percent in the last year, the moves are further efforts to prop itself after the declining performance of its core marketplace division.