This is actually not a very good example for Newton’s First Law (a.k.a the Law of Inertia). Newton’s First Law may be stated as: “An object at rest tends to stay at rest and an object in motion tends to stay in motion with constant velocity unless acted upon by a net external force.”
An orbiting satellite (in a circular orbit) has a constant net external force acting on it (the gravitational force of attraction on the satellite by the Earth), and the satellite is under a constant acceleration toward the center of the Earth. While the satellite’s speed may be constant, the velocity is not. (The direction of travel is constantly changing).