I know this is old, but this is my solution to this problem:
var characterlimit = 50;
$w("#myrepeater").forEachItem( ($item, itemData, index) => {
let x = $item("#repeaterelement").text; //gets the text
let arr = x.split(" "); //parses the paragraph by space into an array
console.log(arr.slice(0, characterlimit));