Hock Tan
President and Chief Executive Officer at Broadcom
Well. Thank you, Ji, and thanks, everyone for joining us today. Before I provide color on our Q4 results, let me put in perspective what we achieved in fiscal year '22. For the year, I'm pleased to report that consolidated revenue hit a record of $33.2 billion growing 21% year-on-year, yet another year of double-digit organic growth. This growth was driven by our strong partnerships with customers and increased R&D investments which enables accelerated adoption of our next-generation technologies. With our robust business model, we grew our fiscal '22 operating profit by 28% year-on-year and our free cash flow per share by 25% year-upon-year.
Now to discuss details of our fiscal Q4. In our fiscal Q4 '22, consolidated net revenue was a record $8.9 billion, up 21% year-on-year. Semiconductor solutions revenue increased 26% year-on-year to $7.1 billion, and infrastructure software revenue grew 4% year-on-year to $1.8 billion. In Q4 our semiconductor business continue to perform well across hyperscale, service providers and enterprise. On top of this, wireless grew sequentially as we ramp up the new platform at our North American customer.
In reporting these results, I'd like to emphasize, we demonstrate our continued discipline in shipping our strong backlog only as and when needed by our end customers. So in contrast to weak consumer electronics spending today, and despite concerns of a global recession. We believe overall infrastructure spending remains strong. And we continue to experience sustained demand in most of our end markets. And this is what we continue to see in Q1.
So let me expand on this. Starting with networking. Networking revenue was a record $2.5 billion, and was up 30% year-on-year, representing 35% of our semiconductor revenue. We see strong growth from deployment of Tomahawk 4 for data center switching and hyperscale customers. And we see upgrades of edge and core routing networks with our next-generation Jericho portfolio at cloud and service providers. And as multiple clouds customers, we continue to lead in delivering custom solutions for compute offload accelerators and actually surpassed the $2 billion amount in revenues in fiscal '22. Looking into Q1, we do expect networking revenue to be strong and grow above 20% year-over-year.
Next our storage connectivity revenue was a record $1.2 billion or 17% of semiconductor revenue and up 50% year-on-year. As we have mentioned in previous earnings call, we are benefiting here from substantial content increases, as both cloud and enterprise customers adopt our next-generation MegaRAID and Storage adapters. This trend will continue in Q1, and we expect server storage connectivity revenue to grow above 50% year-on-year.
Moving on to broadband. Revenue of $1 billion grew 20% year-on-year and represented 15% of semiconductor revenue. Our broadband business is benefiting from ongoing multi-year deployments by North American and European service providers of 10 gigabit PON and DOCSIS 3.1. We've embedded Wi-Fi 6 and 6E. In Q1, we expect the secular drivers behind broadband to continue, and our business to be strong at about 30% year-on-year growth.
Moving onto wireless. Q4 revenue of $2.1 billion represented 29% of semiconductor revenue with the 13% year-on-year-on-year increase coming largely from higher content. And in Q1, we expect wireless revenue to be sequentially flat and up low single-digits year-on-year. Finally, Q4 industrial resale of $234 million grew 1% year-over-year, as softness in China mostly offset the strength in North American and European automotive. In Q1, we focus industrial resales to continue the trend of low single-digit percent growth year-on-year. And in -- so in summary, Q4 semiconductor solutions revenue was up 26% year-on-year and in Q1 we expect semiconductor revenue growth to sustain at approximately 20% year-on-year.
Moving on to software. In Q4, infrastructure software revenue of $1.8 billion grew 4% year-on-year and represented 21% of total revenue. Software revenue grew 5% year-on-year, in spite of adverse forex impact in dollar terms consolidated renewal rates average 117% over expiring contracts. And in our strategic accounts, we averaged 128%. Within our strategic accounts annualized bookings of $357 million, including $101 million of cross-selling of our portfolio products to these customers. Over 90% of the renewal value represented recurring subscriptions and maintenance.
Over the last 12 months, consolidated renewal rates averaged 120% over expiring contracts. And in our strategic accounts we averaged 135%, because of this, our ARR which is annual recurring revenue, the indicator of forward revenue at the end of Q4 was $5.4 billion, which was up 4% from a year-ago. And in Q1, we expect our infrastructure software segment revenue to be flat year-on-year, reflecting core software revenue growth of mid single-digit percent year-over-year offset by a year-on-year decline in the Brocade enterprise and business. In summary, we're guiding consolidated Q1 revenue of $8.9 billion, up 16% year-on-year. While we are fully booked for fiscal 2023, in this environment, we are not providing you guidance for the year.
Before Kirsten tells you more about our financial performance for the quarter, let me provide a brief update on our pending acquisition of VMware. We are making progress with our various regulatory filings around the world, as we very much expect, having received merger clearance in Brazil, Canada and South Africa. We anticipate that timeline for the review process will be more extended in other key regions, especially given the size of this transaction. Having said that, we're still confident that this transaction will close and be completed in our fiscal 2023. The combination of Broadcom and VMware is about enabling enterprises to accelerate innovation and expand choice by addressing the most complex technology challenges in this multi-cloud era. And we are confident that regulators will see this when they conclude their review.
With that, let me turn the call over to Kirsten.
