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Preheat oven to 375°F. Combine butter and cream cheese in a large bowl; beat with an electric mixer on medium to high speed for 30 seconds. Add sugar and baking powder; beat until combined, scraping side of bowl occasionally. Add eggs and vanilla; beat until combined. Beat in as much of the 2 1/2 cups flour as you can with the mixer. Using a wooden spoon, stir in any of the flour remaining from the 2 1/2 cups.
Divide dough in half; transfer half of the dough to a medium bowl. In a small bowl, combine cocoa powder and espresso powder. Add to half of the dough; knead with hands until combined. Add the remaining 2 tablespoons flour to the remaining half of the dough; knead with hands until combined.
Divide each half of the dough into two equal portions. Shape each dough portion into a rope about 12 inches long. Twist one chocolate rope and one plain rope together. Gently roll twisted ropes together to form a 14-inch-long rope. Place on an ungreased large baking sheet. Pat down to make a log about 2 inches wide. Repeat with the remaining ropes to make two logs total, placing logs about 4 inches apart on the cookie sheet.
Bake for about 18 minutes or until lightly browned. Cool on the pan for 1 hour.
Preheat oven to 325°F. Transfer the baked logs to a cutting board. Bias-slice the logs into 1/2-inch-thick slices. Place the slices on the same baking sheet. Bake for 8 minutes. Turn over; bake for 8 to 10 minutes more or until dry, crisp and lightly browned. Transfer the cookies to a wire rack; cool.
In a small saucepan, heat chocolate chips over low heat until melted. (If using both semisweet chocolate and white baking pieces, melt in separate saucepans.) Cool slightly. Drizzle over cooled biscotti. Let stand until set.