If you _don't_ want it to remain as an active hyperlink;
For a newly typed entry point to & click the AutoCorrect Options button that
appears below the beginning of the hyperlink, select "Undo Hyperlink". Or,
just Undo (Command+Z) once the automatic hyperlink style is applied. You can
also avoid the conversion in the first place by going to PowerPoint>
Preferences> AutoCorrect - AutoFormat As You Type & clear the check on
'Internet & Network Paths with Hyperlinks'.
For a preexisting hyperlink, Control/Right+Click it, select Edit Hyperlink,
then click the Remove Hyperlink button.
If you want the hyperlink to stay active follow David's advice for changing
the character formatting, but the underlining will remain. However, there's
another way to disguise it if the text contains no descenders & has a solid
background color behind it:
Select the hyperlink text, go to Format> Font, select the first Underline
Style then pick an Underline Color that matches the background color.
HTH |:>)
Bob Jones
[MVP] Office:Mac