Preheat the oven to 350°F.
Grease a 10-cup bundt pan or tube pan.
Beat the cream cheese and butter until smooth using an electric mixer.
Beat in the sugar, then the eggs one at a time, beating between each one.
Add the flour, bit by bit, and then stir in the lemon extract.
Pour the batter into the greased pan.
Bake for an hour or until a toothpick inserted into the middle of the cake comes out almost clean (or with dry crumbs only).
Cool the cake in the pan on a wire rack for 15 minutes and then invert on to a serving plate.
Let it cool completely, then slice and serve.