Preheat oven to 325°F.
Blend cream cheese, eggs, and sugar in the large bowl of an electric mixer. Turn speed to low; add egg, one at a time, beating after each addition.
Whisk together flour and baking powder; stir into cheese mixture, blending only until smooth.
Pour mixture into a greased, floured 9 x 5 inch pan.
Bake 1 hour and 20 minutes until golden brown. Remove from oven and cool on wire rack.
After cake has cooled, sprinkle with confectioners' sugar.