Nike stopped sponsoring Irving after he promoted a documentary which contained anti-Semitic material.
Irving apologized and said he is learning.
Nike said it was sad and disappointed.
Irving's deal with Nike, which started in 2014, is reported to be $11m (£9.6m) a year according to Forbes.
There is no place for hate speech and Nike condemns any form of anti-Semitism.
We have decided to suspend our relationship with Irving immediately and will no longer be launching the Kyrie 8.
Kevin Durant was the top scorer for Brooklyn with 28 points, nine rebound and 11 assists.
"Let's put the joy back in basketball," the Nets owner said after the victory.
The Milwaukee Bucks were inspired by their star player, Giannis Antetokounmpo, as they beat the Minnesota Wolves 115-102.
The Bucks won their eighth straight game as Antetokounmpo scored 26 points with 14 rebound and 11 assists.
After missing four games with a concussion, Brandon Ingram came back and scored 26 points to help the New Orleans Pelicans beat the Golden State Warriors.
The Warriors are 0-6 away from home because of missing players.
Jerami Grant scored a career-high 30 points to lead the Portland Trail blazers to a victory over the Phoenix Suns.
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