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Nowadays, compact and reliable electronic devices including up-to-date ceramic micro-electro-mechanical systems require thick-film resistors with significantly reduced dimensions and stable and precise resistance values. For that reason, instead of standard laser trimming method, high voltage pulse trimming of thick-film resistors is being introduced. This method allows controlled and reliable resistance adjustment regardless of resistor position or dimensions and without the presence of cuts. However, it causes irreversible structural changes in the pseudorandom network formed during sintering causing the changes in conducting mechanisms. In this paper results of the experimental investigation of high voltage pulse trimming of thick-film resistors are presented. Obtained results are analyzed and correlations between resistance and low-frequency noise changes and changes in conducting mechanisms in resistors due to high voltage pulse trimming are observed. Sources of measured fluctuations are identified and it is shown that this type of trimming is a valid alternative trimming method to the dominant laser trimming. [Project of the Serbian Ministry of Education, Science and Technological Development, Grant no. III44003 and III45007]