It is cycled twice.
Operator's manual
Machine guns, caliber .50; Browning, M2 heavy barrel
Army TM 9-1005-213-10
Marine Corps TM 02498A-10/1
Air Force TO 11W2-6-3-161
Navy SW361-AB-MMO-010
August '92 edition. With some changes from '95 I think.
Chapter 2-7 NORMAL OPERATION
Firing procedures
Note
Ensure bolt is forward.
1 Open machine gun cover and insert the double loop end of ammunition in feedway until first cartridge is held by belt holding pawls.
WARNING
Do not close cover when bolt is held rearward as damage may occur when bolt goes forward.
2 Close cover of machine gun.
NOTE
To half load the machine gun, complete step 3; to fully load the machine gun, repeat step 3 before moving on to step 4.
3 Pull retracting slide handle rearward, retracting the bolt all the way to the rear. Release the handle.
-Then a note about the bolt assembly either staying back or not depending if it's set on single shot or automatic-
4. Press the trigger to fire the machine gun.
Doesn't say why it works that way though. It's probably in the FM for it's use.