You can use the below code, which will fulfill your requirements:
function abbreviateNumber(value) {
var newValue = value;
if (value >= 1000) {
var suffixes = ["", "k", "m", "b","t"];
var suffixNum = Math.floor( (""+value).length/3 );
var shortValue = '';
for (var precision = 2; precision >= 1; precision--) {
shortValue = parseFloat( (suffixNum != 0 ? (value / Math.pow(1000,suffixNum) ) : value).toPrecision(precision));
var dotLessShortValue = (shortValue + '').replace(/[^a-zA-Z 0-9]+/g,'');
if (dotLessShortValue.length <= 2) { break; }
}
if (shortValue % 1 != 0) shortValue = shortValue.toFixed(1);
newValue = shortValue+suffixes[suffixNum];
}
return newValue;
}
I hope this will help.
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