Thank you, Ji, and thank you everyone for joining today.
If you could indulge me, let me start off by reviewing our fiscal Q2 results and our outlook for Q3, and the broader markets, of course, we play in. So in fiscal Q2 '22, consolidated net revenue was a record $8.1 billion, up 23% year-on-year. Semiconductor Solutions revenue growth accelerated to 29% year-on-year to $6.2 billion and infrastructure software revenue grew 5% year-on-year to $1.9 billion. Demand, as referenced by consolidated bookings continue to be strong, even as our lead times remain unchanged, but extended. In Hardware, backlog at the end of Q2 was over $29 billion compared to $25 billion in the preceding quarter, and $21 billion a year ago. In software, backlog grew as well and ended the quarter at over $15 billion compared to $14 billion a year ago. Let me provide more color by end markets.
Starting with networking. Networking revenue was a record $2.2 billion with growth accelerating to 44% year-on-year. There were 2 major drivers.
We saw substantial deployment by hyperscalers of their AI engines and networks using our Silicon during this quarter. More importantly, we saw adoption of our next-generation merchant switching and routing, continuing to accelerate in hyperscale, enterprises and service providers at the expense of proprietary solutions.
This fundamental transition to merchant silicon based on Broadcom's platform will continue in Q3. And as a result, we expect in excess of 25% year-over-year growth in networking. Next, our server storage connectivity revenue was $939 million, and as we guided, accelerated to 66% year-on-year growth. While service storage spending in enterprise was strong, our content increase in next-generation mega rate drove a substantial portion of this growth. Additionally, hyperscalers are aggressively adopting our next-generation server storage solutions to scale their massive consumption of nearline hard disk drive arrays. So in Q3, we expect these same drivers to continue with revenue to grow over 60% year-on-year.
Now moving on to broadband. Q2 revenue of $1.1 billion grew 24% year-on-year.
Deployment during the quarter of next-generation PON and cable modem with high fetch rate of Wi-Fi 6 and 6E continue to be good among major service providers globally. Just as a reminder, however, expansion in broadband investments arising particularly from COVID-19 pandemic lockdowns is a multiyear phenomenon. Investments are measured, and we are still in the early innings.
Accordingly, in Q3, we do expect Broadcom's broadband revenue to sustain a growth rate around 20% year-on-year. On wireless, Q2 revenue of $1.7 billion was up 6% from a year ago, and as guided declined the seasonal 14% quarter-on-quarter. In Q3, we expect wireless revenue to be flat to slightly down quarter-on-quarter, but our mid-teens percentage from a year ago, reflecting an increase in content.
Finally, in Industrial, Q2 resales of $254 million grew 14% year-over-year, driven by strong demand from electric vehicles, renewable energy, factory automation and health care. Reflecting such strong resales, our inventory in the channel continued to be very lean at around 1 month. And in Q3, we expect industrial resales to remain stable and inventory levels to continue to be lean.
So in summary, Q2 Semiconductor Solutions revenue was up 29% year-on-year, a step-up from the 20% year-on-year growth in the preceding quarter. As I highlighted above, content increase in server storage and a fundamental shift to merchant silicon in switching and routing drove this accelerated growth. This will continue in Q3 and accordingly, we expect semiconductor revenue in Q3 to grow 31% year-on-year.
Now turning to software. In Q2, infrastructure software revenue of $1.9 billion grew 5% year-on-year and represented 23% of total revenue. Core software revenue grew 5% year-on-year.
In dollar terms, consolidated renewal rates averaged 120% over expiring contracts. While in strategic accounts, we averaged 136%. Within our strategic accounts, $641 million of represented renewals and expiring contracts, of which $117 million represented cross-selling, including PLAs of our portfolio products to these same customers. Over 90% of the renewal value represented recurring subscription and maintenance. ARR at the end of Q2 was $5.4 billion, which was up 4% from a year ago.
And in Q3, we expect our infrastructure software revenue to sustain at mid-single-digit percent growth year-over-year. In summary, our outlook for Q3 Semiconductor revenue growth will continue to be strong, up 31% year-on-year. Layering on our stable software business, we expect Q3 consolidated revenue growth of 24% year-on-year to $8.4 billion.
Well, that concludes my discussion of our second quarter results. I will now turn to what perhaps you all have been waiting to hear more about. Now please refer to our accompanying slides regarding our agreement to acquire VMware. As you know, we never embarked on an acquisition unless we feel our core is very strong and solid. Irrespective of what you might think of where we are in the semiconductor cycle today, I do want to reassure you the fundamentals of our business, both in semiconductors and in software have never been stronger. We have just reviewed how solidly grounded these businesses are. So let me discuss now what we believe is a very unique opportunity to take our company and its business to the next level.
Starting with Slide #4. By adding VMware, we will bring significant scale to Broadcom's software business and reinforce our position as a premier provider of mission-critical platform solutions to enterprises globally. VMware is an iconic company providing core cloud infrastructure that powers modern enterprises. The company began as the virtualization pioneer, bringing revolutionary levels of efficiency to on-premise data centers. VMware extended its platform to the private cloud, giving enterprise customers unmatched levels of security, performance and control over their applications and underlying infrastructure. The most exciting today, VMware is now powering solutions for multi-cloud, hybrid cloud future where — one where it will be possible for enterprises to develop and run their apps anywhere, everywhere with known trade-offs in the truly cloud-neutral fashion. One of the reasons we became very interested in VMware was because of its world-class team, engineering-centric culture and strong customer and partner relationships. As shown in Slide 5, VMware importantly aligns incredibly well with the Broadcom strategy. And it has all the attributes we seek in the platforms we operate. VMware is the leader in big, growing and global markets. The company is an indispensable provider for mission critical platform technology with a blue-chip customer base and an incredible innovation engine. As Tom will discuss next in more detail, together with Broadcom's existing software portfolio, we are positioned to create a uniquely powerful value proposition for enterprises, enabling them to develop, deploy and manage their applications securely, seamlessly across every type of cloud and to accelerate the application life cycle for their workloads. And in addition to adding new dimensions of value for customers, VMware also has an ideal profile that will enable us, Broadcom, to create compelling value for our shareholders. As part of Broadcom, our target is for VMware to contribute approximately $8.5 billion of EBITDA once we have fully integrated the company onto our platform.
Slide 6 shows that with more than $40 billion of pro forma revenue, and this is pro forma on fiscal '21, we are creating one of the world's largest infrastructure technology companies. Our semiconductor business is one of the largest semiconductor business globally with 17 key franchises. It is highly profitable. And as I just reviewed, continues to post very strong organic growth. Revenues have grown from $15.6 billion in 2017 following the acquisition of classic-Broadcom to $20.4 billion in fiscal '21, all this growth being organic. With the addition of VMware, our software business will now represent close to half of our total pro forma revenue with approximately $20 billion of software revenue for fiscal '21. With this type of scale and a continuing commitment to R&D and innovation, we will be able to significantly invest and fund new innovative solutions that will support our customer base. To now dive deeper into the VMware market opportunity and products, I'll hand the call over to Tom.