You could use incubator project CB Query Field and query the database directly for the fields value which would let you use database functions to cut the text short. Example as follows.
Code:
SELECT CONCAT( TRIM( LEFT( `cb_text`, 20 ) ), '...' ) FROM `#__comprofiler` WHERE `user_id` = [user_id]
With the above it'll return the first 20 characters of field cb_text then add ... to the end after trimming trailing spaces.