In meiosis-I the actual chromosome number is reduced to half. Therefore, meiosis-I is also known as reductional division or heterotypic division. It results in the formation of two haploid cells from one diploid cell.
The second meiosis is required and it is ordinary mitosis because it is now turn of chromatids of the chromosome of haploid sets to segregate. Thus due to division, four haploid daughter cells (all may or may not be gametes) are finally formed.