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Let eggs and 1/2 cup butter stand 30 minutes. Preheat oven to 350°F. Grease and flour two 8x1 1/2-inch round baking pans; set aside.
In a medium bowl, combine flour, cocoa powder and salt; set aside. In a large mixing bowl, beat the 1/2 cup butter with an electric mixer on medium-high speed for 30 seconds. Add granulated sugar and vanilla; beat until combined. Add eggs, one at a time; beat on medium speed after each addition. Beat in food coloring on low speed.
Alternately add flour mixture and buttermilk to egg mixture; beat on medium-low speed after each addition just until combined. Stir together baking soda and vinegar. Add to batter; beat just until combined.
Spread batter in prepared pans. Bake 25 to 30 minutes or until a toothpick inserted near centers comes out clean. Cool in pans on wire racks 10 minutes. Remove from pans; cool.
In a large mixing bowl, beat cream cheese, 1/2 cup softened butter, orange peel and orange juice with an electric mixer on medium speed until light and fluffy. Gradually beat in powdered sugar to reach spreading consistency.
Place a cake layer flat side up on a serving plate. Spread top with 3/4 cup frosting. Stack second layer, flat side down; spread remaining frosting on top and sides.