Montrey,
You could try this as well, if the numbers are for presentation purposes as it creates a text number that cannot be used in calculations (without further formulas)
=IF(ABS(A1)>=1000000,TEXT(A1,"0.0,,M"),IF(ABS(A1)>=1000,TEXT(A1,"0.0,K")))
150K is formatted as 150.0K, not...