Hock E. Tan
President and Chief Executive Officer at Broadcom
All right, thank you, Ji. Thank you everyone for joining us today. So in our fiscal Q1 '22, consolidated ret -- net revenue was a record $7.7 billion, up 16% year-on-year. Semiconductor solutions revenue grew 20% year-on-year to $5.9 billion and infrastructure software revenue grew 5% year-on-year to $1.8 billion. Now, enterprise demand grew very robustly from the trough we saw in Q1 last year as the recovery in enterprise IT spending continued to accelerate. Meanwhile, hyperclouds are upgrading their data centers and service providers, telcos continue to deploying next-generation fiber to the home.
As expected, against the peak of a year ago, wireless grew single digits and our core software business remains very stable and steady. On the supply front, lead times remain extended and unchanged as inventory of our products in the channel and then our customers remains lean. Our semiconductor backlog at the close of Q1, continued to grow double-digits from that of the prior quarter.
Let me now provide more color by end-markets, starting with networking. Networking revenue of $1.9 billion was up 33% year-on-year and represented 32% of our semiconductor revenue. This strong growth was driven by deployment at scale of Tomahawk 4 and compute offload across several hyperscale customers as they upgrade and scale out their data centers. In enterprises, campus switching upgrades continue to accelerate.
Let me talk about routing in this space. Investments in 5G backhaul by telco operators worldwide continue to drive strong growth in our Qumran family of products. More than this, the opportunity in our routing silicon has expanded into hyperscale in a very significant way, moving Ethernet into the back end networks of large-scale AI/ML clusters. In particular, I'm referring to the Arista 7800 AI platform, which scales Ethernet to connect many tens of thousands of CPUs and GPUs in hyperscale. This platform is built on our Jericho router. Our devices providing the most cost efficient -- cost effective fabric for AI, ML, scalar with an end-to-end congestion managed lossless network and highest efficiency load balancing across the links.
Now, in contrast to propriety protocols, such as InfiniBand used typically in the high-performance computing, we see low latency Ethernet as the way forward for large-scale AI/ML networks as a widely-adopted open architecture. Our unique ability to network this complex AI workloads in hyperscale is extending our customized training and influence SoC free -- footprint at several cloud guys.
In Q2, we expect networking to continue to be strong across the board and revenue growth to be in excess of 30% year-over-year.
Next, our server storage connectivity revenue was $801 million and growth accelerated to 32% year-on-year, representing 14% of semiconductor revenue. This was driven in large part by the continuing recovery of enterprise IT spending, much of which was deployed towards upgrading compute servers and most of this compute servers use either our MegaRAID or Gen for -- server storage connectivity. We are also benefiting from increased content as enterprises upgrade to next generation storage connectivity solutions to support deployment of leading-edge servers. Beyond enterprise, with proliferation of video content in social media we see our cloud customers increasingly adopting nearline hard disk drives as the primary storage of choice. And to manage this larger raise of hard disk drives, they deploy storage servers and expanders, which utilize very much our next-generation storage connectivity silicon and software, creating another driver for revenue growth.
Interestingly, we're also a critical supplier of pre-amplifiers and free channels in nearline hard disk drives. With our revenue growing at over 20% CAGR over the last five years, our nearline revenue represented over two-thirds of our hard drive business this quarter. With the adoption of next-generation technology here, we're selling more bot [Phonetic] than just silicon, resulting in much higher dollar content. This dynamic, coupled with continuing strong demand from both enterprise and hyperscale, is expected to accelerate Q2 server storage connectivity revenue to over 55% year-on-year.
Now, moving on to broadband. Revenue of $911 million grew 23% year-on-year and represented 16% of semiconductor revenue. This was driven largely by increased deployment of next-generation PON and DOCSIS, our cable modem, with high attach rates of Wi-Fi 6 and 6E in home gateways. Examples of this about last quarter chartered announced trials of DOCSIS 4.0 running at speeds of 8.5 gigabit downstream and 6 gigabit upstream, both in CPE and remote node. Comcast started deployments of their Wi-Fi 6E DOCSIS 3.1 gateways and AT&T announced a multi-gig PON service on the -- on their gateways. All of this are using Broadcom SoLCs.
We remain the market leader in delivering Wi-Fi 6 and 6E chips to leading phones, as well as routers, enterprise access points, and carrier gateways. Through the first quarter of 2022, we have cumulatively shipped over 1 billion Wi-Fi 6 and 6E radios in just around three years since our launch. Our OEM customers and carrier partners are now ramping Wi-Fi 6E, the current generation of Wi-Fi making use of the 6 gigahertz band, which is increasingly being made available for unlicensed access across the globe. And as we look ahead, we are the industry leader heavily investing Wi-Fi -- in Wi-Fi 7 as the strategic complement to 10G-PON and cable modem. We see the -- both broadband. We see this as the next step in broadband development and deployment globally. In the U.S. alone, depending infrastructure acts at the -- $65 billion over the next five years to connect more homes to high-speed broadband. Across the world, the same is happening as next-generation wide-broadband is seen as the better alternative to 5G for home connectivity. As far as Q2 is concerned, we expect our broadband business to continue to grow 20% year-on-year.
Moving on to wireless. Q1 revenue of $2 billion represented 34% of semiconductor revenue. Demand from our North American customer for our products continued to be strong during the quarter, driving wireless revenue up 10% sequentially and up 4% year-on-year from the peak quarter in fiscal '21. As expected in Q2, wireless revenue will be seasonally down, about mid-teens, quarter-on-quarter but will still be up mid-single digits from a year ago.
Finally, industrial revenue of $243 million represented approximately 4% of Q1 semiconductor revenue. Q1 resales of $239 million grew 37% year-over-year, driven by robust demand from electric vehicles, renewable energy, factory automation and healthcare. Reflecting such strong resales, our inventory in the channel remains around one month and we expect resales to continue to be strong in Q2. Accordingly, in summary, Q1 semiconductor solution revenue was up 20% year-on-year. Q2, we expect semiconductor revenue to accelerate to 25% year-on-year.
Turning to software. In Q1, infrastructure software revenue of $1.8 billion grew 5% year-on-year and represented 24% of total revenue. Core software revenue grew 6% year-on-year. In dollar terms, consolidated renewal rates averaged 121% over expiring contracts, while in our strategic accounts, we averaged 136%. Within the strategic accounts, $656 million represented renewals on expiring contracts of which $164 million represented cross-selling improving PLAs of our portfolio of products to these same customers. Over 90% of the renewal value represented recurring subscription and maintenance.
Okay. ARR, annual recurring revenue at the end of Q1 was $5.3 billion, which was up 5% from a year ago. In Q2, we expect our infrastructure software revenue to sustain around mid-single digit percentage growth year upon year. In summary, in Q1, semiconductor revenue grew a strong 20%. In fact, excluding wireless, it grew -- actually grew over 30%. Combined with our stable software business, consolidated revenue grew 16% year-on-year to $7.7 billion.
Now, turning to Q2 guidance, we expect semiconductor revenue growth will accelerate to 25% year upon year, and excluding wireless, it will be 35% year-on-year. Layering on our stable software business, we expect Q2 consolidated revenue growth of 20% year-on-year to $7.9 billion.
And before I turn this call over to Kirsten, I just want to add. Broadcom recently published its second annual ESG report available on the company's corporate citizenship site, which discusses the company's ESG -- initiatives. As a global technology leader, we recognize the company's responsibility to have a positive impact on our communities through our product and technology innovation and operational excellence, we remain very committed to this mission.
With that let me turn the call over to Kirsten.
