Sherri Shepherd & Jenny McCarthy On Leaving 'The View' -- Sherri Cries (VIDEO)

Sherri Shepherd and Jenny McCarthy returned to "The View" for the first time since the show announced they were leaving ... and while Sherri got emotional ... Jenny tried to laugh it off.

As TMZ first reported, Jenny and Sherri were sent packing on the same day ... and the producers are eyeing a Latina and a conservative to replace them.

Shepherd cried when talking about her exit after seven years on the show, but Jenny cracked a joke ... first saying her firing wasn't true ... then saying she's already taken a new job that might compete with "The View."