14 January 2014
Cells can contain two types of hyperlinks. There's the embedded kind that you create using Insert – Hyperlink and the formula kind that you create using the HYPERLINK function.
Excel does not stop you from entering a HYPERLINK formula in a cell with an embedded hyperlink. If you do, you can end up with what seems like two hyperlinks in one cell.
I say "seems like" because Excel only recognizes one. And to be even more precise, it recognizes pieces of both hyperlinks to make one.
Full article: The duality of hyperlinks
