We prove lower bounds on the number of product gates in bilinear and quadratic circuits that compute the product of two n x n matrices over finite fields. In particular we obtain the following results: 1. We show that the number of product gates in any bilinear ( or quadratic) circuit that computes the product of two n x n matrices over GF(2) is at least 3n(2) - o(n(2)). 2. We show that the number of product gates in any bilinear circuit that computes the product of two n x n matrices over GF(q) is at least (2.5 + 1.5/q(3)-1) n(2) - o(n(2)). These results improve the former results of [N. H. Bshouty, SIAM J. Comput., 18 (1989), pp. 759-765; M. Blaser, Proceedings of the 40th Annual IEEE Symposium on Foundations of Computer Science, IEEE Computer Society, Los Alamitos, CA, 1999, pp. 45 - 50], who proved lower bounds of 2.5n(2) - o(n(2)).