The world’s largest online auction website, eBay, today lowered revenue projections for the full year, sending the stock down more than 8-percent to $24.17 per share in after hours trading as at 7:15pm EST.

The company also released [PDF] Q1 2010 earnings today, reporting total revenue of $2.2-billion, beating analyst expectations but still sending the stock down after lowering future expected earnings.

The company said net income in Q1 2010 was $398-million ($0.30 per share), up from $357-million ($0.28 per share) from the same period in 2009.

Additionally, in the quarter, eBay signed a deal with Facebook for users who buy virtual goods on Facebook to pay exclusively with eBay’s popular online payment service PayPal.

The company says it is now expecting total revenue for fiscal 2010 to be between $8.8-billion to $9.1-billion. Analysts were expecting a minimum of $9.12-billion.

eBay recently experienced an increase in revenue as more people flocked to the service to purchase discounted goods during the economic downturn.