Baking the cake: Preheat oven to 325°F. Grease and flour the bundt pan. Cream butter until smooth, then beat in sugar until light and fluffy. Mix in almond extract.
Gradually add eggs one at a time, mixing between each. Sift flour, baking powder, and salt in a separate bowl. Alternate adding dry ingredients and milk, mixing until fully combined. 4o
Strain the cherries, reserving the juice. Pour half the batter into the bundt pan. Add 3/4 of the cherries, stir lightly. Drizzle some juice, then stir gently.
Add remaining batter, repeat with cherries and juice. Cover with foil. Bake at 325°F for 65-70 minutes. Cool and remove from pan.
For the glaze: Microwave cream cheese for 20-30 seconds. In a bowl, combine cream cheese and powdered sugar.
Add cream, almond extract, and salt; stir until thick. Drizzle over cake and garnish with sliced almonds.